Volkswagen Strikes Wage Pact With German Workers Union: Report - Volkswagen (OTC:VWAGY)

  • Volkswagen AG VWAGY has reached a wage deal with Germany’s largest trade union, IG Metall, for its factories in West Germany.
  • According to the deal, about 125,000 workers are likely to receive 8.5% increment in their pay.
  • The parties, Reuters reported, arrived at the understanding after eleven hours of overnight negotiations.
  • The deal, which is valid for two years, will provide workers with a 5.2% wage hike from June 2023 and another 3.3% from May 2024, along with a $3,093 pay-out to compensate for inflation.
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  • The agreement, however, is below inflation, considering an 11.6% inflation in October in Germany.
  • IG Metall asked for an 8% wage increase over twelve months for the workers at six Volkswagen German plants and its subsidiaries.
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  • Price Action: VWAGY shares closed higher by 0.86% at $18.86 on Tuesday.
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