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Will Volkswagen and IG Metall finalize the job cut agreement by Christmas 2024?
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Official announcements from Volkswagen and IG Metall
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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