Volkswagen to let go up to 5,000 workers - report

Sunday, 14. March 2021 16:05

Volkswagen AG intends to cut its workforce in Germany by up to 5,000 positions by 2023, Handelsblatt reported on Sunday.

According to the report, the carmaker is preparing for the move by setting aside €500 million in order to pay settlements to the older employees who are likely to be offered early or partial retirement.

The outlet added that the German company could extend its halt on new hirings, scheduled to expire at the end of the first quarter, until the end of the year.

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Breaking the News / BU