Volkswagen faces restructuring challenges, plans layoffs and pay cuts amid plant closures. The company's works council reports a potential 10% pay cut for all employees, with some workers facing losses in bonuses and benefits tied to employment milestones. The move aims to enhance competitiveness as the automaker struggles with declining car sales, rising costs, and a shift towards electric vehicles.

Source: https://www.wionews.com/business-economy/volkswagen-plans-layoffs-and-pay-cuts-amid-plant-closures-771571