Finance
VW proposes 10% pay cut to tackle crisis
Global Banking & Finance Review®
Company
FRANKFURT (Reuters) – Volkswagen has proposed to cut wages at its brand by 10% to tackle weak demand and high costs, the division’s personnel chief Arne Meiswinkel told journalists after the second round of talks with unions.
FRANKFURT (Reuters) – Volkswagen has proposed to cut wages at its brand by 10% to tackle weak demand and high costs, the division’s personnel chief Arne Meiswinkel told journalists after the second round of talks with unions.
Meiswinkel said negotiations would resume for a third round on Nov. 21.
(Reporting by Christoph Steitz and Christina Amann, editing by Thomas Escritt)
Compensation refers to the payment or benefits received by employees for their work, which can include wages, bonuses, and other financial incentives.
A financial crisis is a situation where financial assets suddenly lose a large part of their nominal value, often leading to economic downturns and instability.
Corporate profits are the earnings that a company generates after all expenses and taxes have been deducted from its total revenue.
Employment opportunities refer to the availability of jobs or positions within a company or industry, often influenced by economic conditions and company performance.
Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured by GDP.
Explore more articles in the Finance category
