German automobile manufacturing giant Volkswagen is planning to slash upto 5,000 jobs in Germany by 2023 through an early or partial retirement offer to older employees.
“Up to 900 employees would opt for an early retirement scheme while others would leave the company as part of a gradual halting of their activities,” the company informed in a statement.
This move may cost $598 million, according to a report by Handelsblatt newspaper.
The newspaper also reported, “Volkswagen is also extending a hiring freeze until the end of the year. It had previously only been in place until the end of the first quarter. External hires can only be made in areas like information technology and software.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.