Wednesday, January 4, 2017

Volkswagen, Martin Winterkorn receives 3100 Euro pension on the day – Handelsblatt

– Martin Winterkorn

The former CEO of VW receives a pension of just under 3100 euros per day.

(photo: Reuters)

Wolfsburg/Berlinof The exhaust gas, the affair that toppled former chief Executive of Volkswagen, Martin Winterkorn, has terminated his contract at Europe’s biggest car maker of the year, officially. The Ex-Top Manager (69) has been announced now entitled to high pension payments, as mentioned in the annual report of the group for 2015 from last April.

The so-called pension for the winter grain is fixed as a share of 70 per cent of the last basic remuneration amounts to 1.2 million euros, or the equivalent of about 3100 euros per day. Previously, the “image”newspaper had reported about it. Other boards have similarly extensive pension rights.

A VW spokesman in Wolfsburg, said that the company exterior, in principle, to the contract content.

savings programs at Volkswagen

  • In the year of the inauguration of the later VW Patriarch Ferdinand Piëch as Chairman of the Board, the group is in a deep crisis. He produced, in comparison with the global competition, it’s too expensive, it is the dismissal of 30,000 employees.

  • Peter Hartz, Piëch is set, the personnel Board and later developer of the labour market reforms of the Schröder government, can prevent the bald spot. He leads in close consultation with the works Council and the IG Metall, among other things, the Four-day week at Volkswagen – a reduction of working time without wage compensation. Also, the controversial “cost killer” and Ex-General Motors-Manager José Ignacio López brings the loss of the group reach financially back on track.

  • The main Volkswagen brand Cars in a chronically low yields – a clear Parallel to today’s situation. After months of negotiations on the new collective bargaining agreement in the case of VW, the parties agree on a departure from the Four-day week. As consideration for the significantly longer working hours without wage compensation, the IG metal demanded by the company binding Commitments for the long-term future of the six West German plants.

    After the core brand boss Wolfgang Bernhard has threatened with job cuts and relocation of Production, he leaves the group. VW can, nevertheless, reduce the cost and increase competitiveness.

  • After years of profits, bobs the brand with the VW Emblem in terms of margin (percentage of profit on sales) compared to the industry again. At the same time, the group needs to digest the billions of loads of the exhaust gas scandal and more on the topics of the future of the industry focus.

  • The “future Pact” is, therefore, the pressure to the tag in the direction of E-mobility Digitization and services, as well as the interest of the workforce to secure Jobs and sites in the Balance. After months of wrestling: This will not go without concessions at the Jobs. 30.000 Points not to expire until 2020, and terminations.

the winter grain was entered in September of 2015, a few days after the announcement of the exhaust tampering with the millions of diesel cars. For Volkswagen, the most serious crisis in the history of the company, including billions in provisions, legal disputes, and a program of austerity with job cuts, for which demand was by the cost of “diesel gate” even more acute began. In this context, there was also fierce criticism of the lush payment of the VW management. Among other things, the Federal Minister of Finance Wolfgang Schäuble (CDU) had shown “no understanding” for the defense of high bonus payments.

After a long struggle, the VW-to-peak reached in the previous year, the fact that 30 percent of the variable remuneration will initially be retained and treated as if it were stock. After a period of three years will then be examined, how the course has developed. This is around a quarter above the initial level, you will be paid out the money. That Winterkorn’s outstanding should run a regular contract until December 2016, had already secured in 2015 for outrage at critics of the group.


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