VOLKSWAGEN TO CUT 100,000 JOBS BY END OF DECADE

BERLIN, SEPTEMBER 4 /SRNA/ - German automobile giant Volkswagen announced on Thursday that it would be cutting a total of 100,000 jobs by the end of the decade in what is set to be the biggest restructuring ever seen in the global car industry.

The company said that management and trade unions had approved a plan involving the reduction of a further 50,000 jobs, in addition to 50,000 redundancies already agreed.

"It is essential to systematically align workforce levels with economic realities," read a statement from the multi-brand Volkswagen group which also includes Audi and Porsche.

The total of 100,000 cuts amount to about 15% of Volkswagen staff worldwide. The cull eclipses the 50,000 job cuts General Motors made after it declared bankruptcy in 2009.

Unions and management had publicly rowed before signing off on the plans, with the former accusing the latter of not being honest with the workforce after the figure of 100,000 possible job cuts surfaced in the media before being communicated internally.

Volkswagen also said the long-term future of four major German plants – in Hannover, Emden, Zwickau and Neckarsulm — could not be guaranteed. Their closure would mark the first full-scale shuttering of Volkswagen factories in its home country, the Deutsche Welle reports.