According to a media report, Volkswagen's management wants to forgo 300 million euros in salary payments by 2030.

In doing so, the management wants to participate in the company's austerity measures, said VW's Chief Human Resources Officer Gunnar Kilian in an interview with the "Braunschweiger Zeitung" (Wednesday edition). The financial contribution of the board will be proportionately greater than that of the rest of the management and the employees. He did not provide any further details. Kilian also left open the question of how many managers would be affected by the measure.

At the end of December, after an unprecedented marathon of negotiations with employee representatives, the Wolfsburg-based carmaker agreed on a compromise in the wage dispute that amounts to a far-reaching restructuring of the long-established company. The plan includes, among other things, the elimination of 35,000 jobs and a 25 percent cut in capacity, but no plant closures for the time being. The company stated that the agreement would save more than 15 billion euros per year in the medium term. The reduction in labor costs alone would amount to 1.5 billion euros annually.

(Report by Philipp Krach, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)