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What will be the primary method for Volkswagen's job cuts by 2030?
2
Resolution / Starting Odds
Early retirement • 25%
Buyouts • 25%
Natural attrition • 25%
Other measures • 25%
Volkswagen official announcements and IG Metall union reports
Story
Volkswagen and IG Metall Union Reach Deal to Cut Over 35,000 Jobs by 2030, Avoid Factory Closures for Six Years at Five Sites
Dec 20, 2024, 06:06 PM
Volkswagen has reached a deal with the IG Metall union after extensive negotiations, avoiding mass layoffs and factory closures in Germany. The agreement, announced on December 20, 2024, allows Volkswagen to cut over 35,000 jobs by 2030 through voluntary measures such as early retirement and buyouts. In exchange, workers will forgo pay raises for the next six years, and the company will reduce production capacity at five sites by several hundred thousand units. The deal aims to provide job security and stability for employees, particularly as the company navigates challenges in the automotive market. Both parties expressed their commitment to finalizing the agreement by Christmas to ensure workers have certainty regarding their employment status.
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Sales • 25%
Outsourcing • 25%
Direct layoffs • 25%
Other • 25%
Closes 3+ factories and downsizes others • 25%
Closes less than 3 factories, no downsizing • 25%
No closures but downsizes existing factories • 25%
No closures or downsizing • 25%
Rising costs • 25%
Slowdown in consumer spending • 25%
Increased competition from China • 25%
Other • 25%
Reduced by over 10,000 employees • 25%
Reduced by 5,000 to 10,000 employees • 25%
Reduced by less than 5,000 employees • 25%
No reduction in workforce • 25%
Wage cuts implemented • 25%
Plant closures executed • 25%
Forced layoffs conducted • 25%
None of the above • 25%
Increase productivity • 25%
Reduce costs • 25%
Layoffs • 25%
Other • 25%
Multiple departments shifted abroad • 25%
Single department shifted abroad • 25%
No departments shifted abroad • 25%
Plans to shift but no execution • 25%
Yes • 50%
No • 50%
All planned closures and wage cuts implemented • 25%
Some closures and wage cuts implemented • 25%
No closures but wage cuts implemented • 25%
No closures or wage cuts implemented • 25%