VW to Close Three Plants, Cut Thousands of Jobs and Wages

#Volkswagen AG plans to close at least three factories, eliminate thousands of jobs and slash wages for tens of thousands of #German workers as #Europe biggest automaker tries to halt its tailspin. #business #worldnews

The proposals to fix the struggling #VW brand represent unprecedented cuts and underscore the extent of the crisis at Volkswagen. The German manufacturer has never closed a factory in its home country and a plan to reduce salaries by 10% could affect some 140,000 workers there.

Following weeks of tensions after Volkswagen canceled a job-guarantee agreement this summer, some 25,000 workers rallied at the company’s headquarters in #Wolfsburg on Monday.

--------

Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

Connect with us on…

[davidmichaels]

How come CEOs get like 19 billion gold in parachute things? And regular people get hunger and poverty

[TamagoHead]

Cut executive bonuses and pay if the executives do not perform.

Also, sell VW sausages to US Costco. I want to try them.

[davidmichaels]

Government living too well again being overtaxed right into poverty WE HAD THAT ABOUT 20 YEARS AGO HERE IN MICHIGAN

[KonglengLee-tl]

Olaf Focus India recently offered 90000 work visas to indian skilled workers. Whats up germany?

[nnes]

Shouldn't they go for EV wagons which prices are comparatively 15-20-30, ..% higher than making these VW gas cars!

[oceanwave]

Deindustrialization is a real possibility in Germany. Of course, they can still manufacture one or two things (or three), but that will not be sufficient to create jobs. The laid off workers can't just go to the university to learn software engineering/data science to stay relevant in the world today.

[davidmichaels]

How come CEOs get like 19 billion gold in parachute things? And regular people get hunger and poverty