Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Union says VW staff won't pay price for Dieselgate in wage talks

Published 26/04/2016, 14:09
© Reuters.  Union says VW staff won't pay price for Dieselgate in wage talks
VOWG_p
-

BERLIN (Reuters) - Volkswagen (DE:VOWG_p) has no right to use the crisis over its emissions test cheating to deny workers a reasonable wage increase, the IG Metall union said, reiterating its call for a 5 percent pay hike for about 120,000 VW staff in western Germany.

VW plunged to the biggest loss in its history last year after it set aside 16.2 billion euros (12.5 billion pounds) to help meet costs arising from its cheating.

The carmaker, which could still face more costs from a U.S. Department of Justice investigation, also cut its dividend for the first time in six years.

A "measured settlement is more important than ever," VW brand human resources chief Martin Rosik said on Tuesday after the first set of wage talks with IG Metall in Hanover, also citing costs of new technologies and regulation.

But Germany's largest labour union showed little sympathy.

"Workers on the assembly line, at the foundry or in administration have not carried out manipulations," Hartmut Meine, the union's chief pay negotiator said. "That is why the workers will not pay the price. Others have to take the responsibility."

IG Metall feels vindicated by robust underlying earnings at Europe's largest automaker, where operating profit before special items last year totalled 12.8 billion euros, just above the 12.7 billion achieved in 2014 and a new record.

The union, which is also seeking an extension of early-retirement rules, called on VW to table a "constructive offer" at the next meeting on May 2.

If no agreement is found by May 31 when current wage contracts at VW expire, IG Metall could call for short-term strikes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.