VW to pay reduced 7,200-euro bonus to German workers
BERLIN Feb 27 (Reuters) - Volkswagen said on Wednesday it will pay its German workers a 7,200-euro ($9,400) bonus for 2012, a reduction of 4 percent on the previous year's payout despite Europe's biggest car maker having posted a record profit and sales.
The manufacturer's supervisory board took steps last week to limit bonuses for top executives, capping Chief Executive Martin Winterkorn's total 2012 pay at 14.5 million euros.
A year earlier the CEO earned 17.5 million euros in fixed salary, bonuses and incentives which caused a public outcry in Germany about excessive manager pay.
VW is reining in bonuses for factory workers and top executives at a time when the Wolfsburg-based company is bracing for tougher competition in global auto markets. VW said last week that the group operating profit in 2013 may be flat. ($1=0.7649 euros) (Reporting by Andreas Cremer; Editing by Greg Mahlich)
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed |
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Malaysian plane crashed off Vietnam coast: state media
- Fresh confrontations raise tempers on ground in Crimea |