Earlier this week, the workers announced that they were willing to accept pay reductions so that the company could continue to keep plants open and avoid mass layoffs.
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00:00A labor union at German carmaker Volkswagen has threatened to go on strike next month
00:06after negotiations with management over proposed drastic cost-cutting measures collapsed.
00:12The parties held their third round of talks on Thursday at the firm's headquarters in
00:16Wolfsburg.
00:18The union proposed creating a fund worth roughly 1.5 billion euros by declining part of wages
00:24for two years.
00:25That this will be in a scope that will make it very, very clear to the company that we
00:30as IG Metall and that the employees of Volkswagen mean it seriously.
00:35Around 7,000 workers demonstrated at the venue of the meeting to press their demands.
00:40The carmaker has been struggling financially amid a drop in demand in Europe and intensifying
00:47competition with Chinese electric vehicle makers.
00:51Many domestic closures will be the first in Volkswagen's 87-year history.