DaimlerChrysler Managers Accept Pay Cuts | Business| Economy and finance news from a German perspective | DW | 12.08.2004
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DaimlerChrysler Managers Accept Pay Cuts

Car manufacturer DaimlerChrysler's 3,000 top managers in Germany have agreed to waive 2.79 percent of their monthly salaries come for 2006. Three weeks after the company finalized €500 million ($611.6 million) in cost-cutting measures, the executives also agreed to a 10 percent reduction in bonuses at the end of the 2006 business year, German business daily Handelsblatt reported Thursday. The cuts reflect the same 2.79 percent salary cut that Mercedes Car Group employees agreed to weeks earlier to prevent up to 6,000 jobs being moved to plants elsewhere.

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