AI Summary

Volkswagen Group announced on September 30, 2026 that it would terminate many wage provisions it had agreed to with IG Metall in December 2024. The cancelled agreements cover more than 100,000 workers at the company’s primary German factories. The move follows a broader austerity plan that aims to cut operating profit from €22.6 billion in 2023 to €8.9 billion by 2025, with further reductions expected in 2026. The plan includes shutting up to four German plants, cutting 50,000 domestic jobs, and eliminating up to 100,000 jobs worldwide over four years, targeting €20 billion in savings by 2030.

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