Shocker Of The Day: VV To Fire 1 Lakh Jobs Now?

One of the biggest automobile manufacturers in the world, Volkswagen is reportedly contemplating in the area of firing more than one lakh employees in a span of few days, starting very soon.

According to leading magazines and reports, Volkswagen aims to cut up to 100,000 jobs worldwide over the next few years as Volkswagen accelerates efforts to reduce costs and improve competitiveness.

The report also says Volkswagen plans to cut investment by around 15%, lowering five-year spending to just over €130 billion. This would essentially mean that Volkswagen is planning on firing one out of every seven employees that it has worldwide.

The restructuring comes as Europe's largest automaker faces weaker EV demand, rising costs, and intensifying competition from Chinese manufacturers.

This will go down as one of the biggest restructuring operations by any modern Private company in recent history as nearly 1,00,000 jobs are being fired on demand.

The cull would mean the removal of close to one in six of the company’s roughly 625,000 roles worldwide, making it one of the biggest ever job-cutting programmes.

If completed, the cuts, which are likely to be subject to tough negotiations with unions, would surpass the 74,000 jobs eliminated by General Motors in a 1990s restructuring and the 60,000 removed by IBM in 1993.