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Volkswagen calls for 10% pay cuts

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(Reuters) – Volkswagen (ETR:VOWG_p) wants its workforce to take pay cuts of 10% in order to remain competitive and safeguard jobs, the company said in a statement on Thursday.

The announcement comes after a request from the IG Metall union to hike salaries by 7% and reinstate collective agreements. The company says it is unable to meet those demands.

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