VW managers will collectively cut wages by 300 million euros, local newspaper Reuters reports

BERLIN (Reuters) – Volkswagen’s ( ETR: ) management will cut wages by more than 300 million euros ($310.08 million) by 2030, according to comments by VW board member for human resources Gunnar Kilian to local newspaper Braunschweiger Zeitung published on Wednesday .

Volkswagen management would take a larger cut in proportion to their pay than the rest of management or the workforce, Killian told the newspaper, declining to provide further details.

Volkswagen and unions reached a landmark deal in December to cut costs at the automaker, pledging to cut 35,000 jobs by 2030 and cut capacity at German factories by 734,000 units.

VW said the deal would save 15 billion euros a year in the medium term, including 1.5 billion in labor costs.

Unions said during the talks that executives should also do their bit and cut wages, blaming the automaker’s poor state on bad strategic decisions by management.

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