BERLIN (Reuters) – Volkswagen ( ETR: ) executives will cut pay by more than 300 million euros ($310.08 million) by 2030, according to VW board member Gunnar Kilian in local newspaper Braunschweiger Zeitung published on Wednesday. . .
Volkswagen's board will take a larger share of their pay than any other executive or employee, Killian told the paper, declining to give further details.
Volkswagen and unions struck a landmark deal in December to cut costs at the carmaker, pledging to cut 35,000 jobs by 2030 and reduce capacity at its German plants by 734,000 units.
VW said the deal would allow savings of 15 billion euros a year in the medium term, including 1.5 billion in labor costs.
Unions said during negotiations that senior executives should also do their part and cut wages, blaming the automaker's decline on poor strategic decisions by management.
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