Volkswagen Submits New Offer for Pay Agreement With Union

By FeaturesDow Jones Newswires

Volkswagen AG (VOW.XE) said Tuesday that it has submitted new proposals for a pay agreement to the IG Metall trade union as negotiations continue.

"Our offer includes a pay increase in two stages starting with 3.5% from May 2018 and followed by a second stage of 2.0%, with a total term of 30 months," the car maker said.

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The company said that a proposal to significantly increase the pension scheme in the company was made, too.

The collective agreement applies to approximately 120,000 employees, Volkswagen said. The current pay agreements will expire at the end of the month.

"We want to ensure future-oriented employment at Volkswagen. This will call for competitiveness and cost discipline. This is the only way we will be able to invest in the future of Volkswagen," said Martin Rosik, leader of the Volkswagen committee and head of human resources of the Volkswagen brand.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

January 30, 2018 08:46 ET (13:46 GMT)

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