WOLFSBURG (dpa-AFX) - Volkswagen managers are to receive less money than planned. A promised inflation bonus of 1,000 euros for managers at Volkswagen AG and a 3.3 percent pay rise as of May 1 are not to take place, a company spokeswoman confirmed on Sunday. This should help to increase the operating profit margin to 6.5 percent in 2026. The "Handelsblatt" had previously reported on this.

According to the report, the money was not to be paid out due to the poor market environment. The Group Management Board around Oliver Blume also wanted to forego money out of solidarity. The company spokeswoman said: "Members of management bear a special responsibility for the company and act as role models, which is particularly important in the current situation."

At the end of December, after months of wrangling with the Works Council, Volkswagen agreed on the key points of a cost-cutting program worth billions. The personnel costs of the core Volkswagen brand are to be reduced by 20 percent in the administrative area, but no compulsory redundancies will be made. Major savings are to be made in material and fixed costs./xma/DP/nas