Volkswagen AG
0.96 (0.77%)
Share Name Share Symbol Market Type
Volkswagen AG XE:VOW3 XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.96 0.77% 125.64 125.64 125.64 125.78 124.54 125.60 941,735 16:35:23

Volkswagen Agrees on Pay Deal With IG Metall Union to Ease Inflation

23/11/2022 8:07am

Dow Jones News

Volkswagen (XE:VOW3)
Historical Stock Chart

From Oct 2022 to Apr 2023

Click Here for more Volkswagen Charts.

By Ed Frankl


Volkswagen AG on Wednesday agreed to a new pay deal with Germany's largest labor union to alleviate soaring inflation in the country, including a bonus of 3,000 euros ($3,092).

The car maker agreed to a collective bargaining agreement with Germany's IG Metall union covering 125,000 employees, which will increase pay in two stages, by 5.2% in June 2023 and 3.3% in May 2024.

The agreement also includes an inflation-adjusted, tax-free bonus of EUR2,000 in the first quarter of 2023, and EUR1,000 in early 2024, the company said.

"The collective bargaining agreement mustn't hide the fact that we must continue to keep our costs strictly under control," Arne Meiswinkel, Volkswagen Passenger Cars' board member for human resources, said.

Germany's consumer-price index rose 10.4% in October, according to Germany's statistics office.


Write to Ed Frankl at edward.frankl@dowjones.com


(END) Dow Jones Newswires

November 23, 2022 02:52 ET (07:52 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

1 Year Volkswagen Chart

1 Year Volkswagen Chart

1 Month Volkswagen Chart

1 Month Volkswagen Chart
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20230331 23:54:06