Volkswagen AGVWAGY 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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