Agreement Details
and IG Metall union reached a wage deal, preventing plant closures in and banning involuntary layoffs until 2030.
The deal includes "socially responsible" job reductions, affecting over 35,000 positions, alongside suspending recent pay increases.
Concessions and Challenges
Employees accepted concessions, including the suspension of bonus payments, but maintained current wage levels.
Volkswagen faces a challenging market with declining European demand and competition from Chinese automakers, necessitating cost reductions.