The logo of Volkswagen is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse
March 8, 2018
BERLIN (Reuters) – Volkswagen <VOWG_p.DE> will increase bonus payments to its staff in Germany by over 40 percent after the carmaker posted record profit and sales last year, a labor union publication showed.
The annual bonus for 2017 will be raised to 4,100 euros ($5,088.10) per worker from 2,905 euros a year earlier, according to the publication seen by Reuters that will be distributed to staff on Thursday. The bonus will affect about 120,000 workers in Volkswagen’s (VW) home market.
VW group profit nearly doubled in 2017 to 13.8 billion euros with sales up 6 percent to a new record even as the carmaker shoulders a costly shift to electric and self-driving cars while grappling with the costs for its emissions scandal.
“Employees had a major share (in the fact) that the VW brand, despite all adversities, is in a much better position today,” VW brand chief executive Herbert Diess was quoted as saying in the newsletter.
(Reporting by Andreas Cremer; Editing by Edward Taylor)