In addition to axing as many as 35,000 jobs across Germany over the next five years, VW is also slashing the salaries and bonuses of those sitting on its board as part of its cost-cutting measures. Quite often, companies will cut jobs and pay for their workers while not making similar cuts at the management levels, but that’s not happening at VW.
According to a report out of Germany, VW board members will have their fixed salary and annual bonus reduced by 11% in both 2025 and 2026. Their pay will then follow a tiered model and be cut by 8.5% in 2027, 6.5% in 2028, and 5.5% in 2029. These measures will save the company approximately €15 million ($16.2 million) and come on the back of salaries also being slashed across VW management, contributing a further €300 million ($325 million) in savings.
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