Volkswagen plans to cut costs by reducing bonuses and benefits for employees, according to internal documents cited by “Business Insider”.
The report claims that for VW employees, the profit participation and the increased vacation pay will be phased out by 2025 and 2026. It is said that for the years 2027 to 2029, a tiered system will still apply. Additionally, the number of apprentices is expected to be reduced to 600 per year, the report said.
According to “Business Insider”, the bonuses of many managers will be gradually cut. Cuts of 8% are in the discussion for the business years 2025 and 2026, and 6.5%, 4.5%, and 3.5% for the following years, the report continued.