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The Volkswagen supervisory board approved a restructuring plan involving 50,000 job cuts globally and a reduction in models. Several state premiers are advocating for the preservation of their VW plants, which are considered uncompetitive and may explore alternative uses.
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Germany's Labour Minister Bas is calling on Volkswagen to maintain its German production sites in Neckarsulm, Hanover, Emden, and Zwickau. While the federal government welcomes a cost-saving plan, it vaguely hopes for sustainable solutions. A state premier estimates up to 25,000 jobs in Germany are at risk.
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The Supervisory Board and Management Board of Volkswagen have reached an agreement on cost-saving plans. Sophie Mühlmann from NDR reports on the agreement.
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Volkswagen and its stakeholders reached a last-minute agreement on a savings package that had planned to close five plants and eliminate 60,000 jobs. The agreement, reached after intensive negotiations, prevents an existential crisis for the company.
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Statutory health insurance doctors warn of staff layoffs and patient consequences due to planned savings of three billion euros in outpatient care. An action in Berlin is being organized by influencer Bea Merscher.
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Global food prices rose 1.9 percent in August compared to July, reaching their highest point since late 2022. Extreme weather and military conflicts are causing supply shortages. The FAO lowered its global grain production forecast by two percent.
Companies & MarketsWork & CareerIndustry & Production
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Volkswagen plans to cut an additional 50,000 jobs, on top of existing reductions. The future of four plants remains uncertain as competitive follow-up assignments cannot be guaranteed there from 2031. The stock market reacted positively to the agreement.
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US Trade Representative Jamieson Greer criticizes the UK's continued adherence to EU rules, hindering a trade deal with the US. Prime Minister Andy Burnham seeks closer EU cooperation, as the British public lacks a clear vision for the future.
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47% of Gen Z in the UK (aged 18-27) are not considering their retirement, and 12% have stopped saving for it entirely. Many young people feel unable to afford retirement due to the cost of living crisis, stagnant wages, and uncertainty.