Volkswagen's Porsche Unit Raises Special Payment to Employees

   By Friedrich Geiger 
 

FRANKFURT--Porsche AG, the sportscar unit of Germany's Volkswagen AG (VOW.XE), said Wednesday it it increasing the voluntary special payment for its employees this year due to successful business results and the fiftieth anniversary of its 911 model.

Porsche will pay up to 8,111 euros ($10,481) per employee, up from EUR7,600 last year, said spokesman Achim Schneider. The company hasn't calculated the exact overall amount yet, he said.

Porsche increased its deliveries by about one-fifth last year, and sales and operating earnings each rose by around one-fourth, while the workforce grew 14%. An extension of the product range had required a high level of flexible commitment by employees, it said.

The special payment for 2012, on which the unit's executive board and general works council have agreed, is being made to a total of over 13,500 Porsche employees in Germany, adjusted for individual work times and length of service during the year.

Write to Friedrich Geiger at [e-mail]

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