Scandal-hit VW agrees to 4.8 pct pay rise for workers
by Associated Press
FRANKFURTMay 21, 2016 - 12:00 am GMT+3
by Associated Press
May 21, 2016 12:00 am
Automaker Volkswagen and Germany's industrial union have agreed to increase wages 4.8 percent by next year in an economy where the cost of living is flat - the kind of raises that could help the 19-country eurozone lift inflation from dangerously low levels.
The company said Friday that almost 120,000 workers would get 2.8 percent more on Sept. 1 and then another 2.0 percent on Aug. 1, 2017. Volkswagen is struggling to overcome the costs of a scandal over cars equipped with software that enabled them to cheat in diesel emissions tests.
The company deducted 16.2 billion euros (currently $18.1 billion) from its earnings last year to cover recalls and other costs for 11 million cars sold with the software worldwide.
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