Less salary
VW board members are now participating in the savings program
At the German car manufacturer Volkswagen (VW), the Group Board of Management is now also participating in the cost-cutting program (see video above). The members of the Board of Management will forgo eleven percent of their salaries this year and next year, as decided at the most recent meeting.
VW and Porsche CEO Oliver Blume received more than ten million euros in salary in 2024. This includes pension provision and variable remuneration for several years. In total, the nine members of the Group Board of Management received around 40 million euros in the previous year.
They had already waived part of their remuneration. The reduction at that time was five percent and only related to the fixed salary, which makes up the smaller part of the remuneration. The future cuts, on the other hand, will apply to the entire remuneration.
A salary reduction of eleven percent is planned for 2025 and 2026, followed by 8.5 percent in 2027, 6.5 percent the year after and 5.5 percent in 2029. In five years, the Executive Board intends to return to the previous level.
Demand from the Works Council
In the 2024 collective bargaining dispute, works council chairwoman Daniela Cavallo had demanded that the top management also participate in the cost-cutting measures and forgo salary. The Management Board had agreed, but initially left the amount open. There was talk of a disproportionate amount.
The company and the trade union had agreed on a restructuring program for the core VW brand in December. By 2030, 35,000 jobs are to be cut in Germany, which corresponds to around one in four jobs. In addition, various bonus payments and allowances were cut and wage increases were put on hold. In return, VW will forego plant closures and compulsory redundancies.
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