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International Business Times
International Business Times
Business
AFP News

Crisis-hit VW Eyeing Plant Closures, Deep Pay Cuts: Report

Volkswagen Handelsblatt
With Volkswagen management reportedly seeking around four billion euros ($4.3 billion ) in savings, jobs and wages are on the line (Credit: AFP)

Volkswagen is considering closing several plants in Germany and slashing salaries by 10 percent as the ailing auto giant pursues a drastic cost-cutting plan, a media report said Monday.

Workers' representatives will update VW staff at all 10 German plants about management's latest savings proposals at 1000 GMT, with many bracing for news of thousands of job cuts.

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