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Business

VW Wants To Freeze Wages

Europe's largest car manufacturer, Volkswagen, aims to save around €2.04 billion ($2.5 billion) in personnel costs over the next six years, including freezing employee wage levels for 24 months. "There's no scope for pay increases," VW personnel chief Peter Hartz said Monday in Wolfsburg, where the company has its headquarters. VW has a "distinct disadvantage" in terms of personnel costs in the company's six western German plants, the manager said. Germany's largest industrial labor union, IG Metall, has demanded 4 percent salary and wage increases and job guarantees.