February 27, 2013 / 12:15 PM / 5 years ago

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)

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