After days of negotiations which looked like they had reached a stalemate, German workers union IG Metall has reached a deal to avoid Volkswagen plant closures as well as redundancies and wage cuts.
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00:00After more than 70 hours of negotiations, German metal workers' union IG Metal has secured
00:07a wage agreement with Volkswagen, preventing plant closures and safeguarding jobs.
00:14As part of the deal, 35,000 jobs will be cut in Germany by the end of 2030, and the capacity
00:21of the group's German plants will be reduced by more than 700,000 vehicles.
00:27For remaining employees, there will be no cuts to monthly salaries nor compulsory redundancies
00:32until 2030, providing job security for thousands of workers and their families.
00:38The solution now looks like we have a solidarity with the overcapacities.
00:44So no deal where entire plants are taken from the grid, and what is once gone will never
00:51happen.
00:52Volkswagen has been in discussions with the union since September, after the company's
01:04threat of plant closures sparked mass worker strikes.