Volkswagen is looking for ways to save €4 billion ($4.3 billion) and this could include significant wage cuts for employees, as well as other measures. At a time when inflation is high and cost-of-living pressures are rising, this is bad news for employees.
German newspaper Handelsblatt says the carmaking giant is looking for ways to cut expenses. Leadership at VW is said to be considering a 10% wage cut for some employees while also capping bonuses for top-tier employees, reducing additional payments for employee anniversaries, and potentially closing production sites in Germany. Plans to close local factories have already generated a huge amount of controversy.
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