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Volkswagen will be cutting thousands of jobs from its base in Germany. The automaker announced on Sunday, March 14, that 4,000 job posts would be affected.
The VW impending layoffs
Volkswagen stated that it would be carrying out its plan to cut jobs and lay off employees by offering them an early or partial retirement scheme. The offer will be given to older employees, and this may cost the company around €500 million or $598 million.
The news was first published through the German newspaper, Handelsblatt, and Reuters picked up the story that initially wrote that 5,000 jobs are affected. It was later modified and indicated just 4,000.
It was said that the spokeswoman of Volkswagen confirmed that the automaker agreed to lay off people. The plan is to open partial retirement to company workers who were born in 1964, while the older ones who were born from 1956 to 1960 will be placed under the early retirement program.
Volkswagen is expecting that at least 900 employees will go for the company’s offer for early retirement. It predicted that thousands will choose partial retirement though the exact figure is uncertain.
Reason for the job cuts
It was reported that Volkswagen decided to retire its older workers to vacate 3,000 to 4,000 job posts. The move is part of the company’s new program that will soon be implemented at six of its plants in Germany.
Moreover, as per Germany’s DW media outlet, Volkswagen stated that it is trying to save so it can invest in new technologies as the EU regulators are broadening its crackdown on emissions. With the layoffs, it will be able to save and have more funds that can be used for eco-friendly electric vehicles, hybrid cars, and other new technologies.
To sum it up, Volkswagen’s job cuts are part of a strategy so it can recapture its title as the largest automaker in the world. In this era where cars are turning electric and gas-less, VW wants to show it can still be the best even with the big change. Meanwhile, VW declined to comment on the upcoming layoffs.
