German auto giant Volkswagen announced on Friday that it is giving its staff a €3,950 bonus for 2015, despite suffering huge losses due to an emissions-cheating scandal which sent shockwaves through the industry.
Public debate is raging in Germany this week over whether top executives at Volkswagen should be paid generous bonuses as the carmaker struggles to stem further fallout from its massive engine-rigging scandal.
Workers' wages in real terms have dropped in Germany for the first time in four years, falling by an average of 0.3 percent from the third quarter of 2012 to the same period this year.
A Swiss vote on Sunday in favour of giving small shareholders the right to cap executives' pay has prompted German politicians to call for a similar law in this country.
Josef Ackermann, the head of Deutsche Bank, said on Friday the German banking sector would adhere to self-regulation on salaries and bonuses similar to G20 recommendations this year.
German Chancellor Angela Merkel said on Thursday that plans to tax the bonuses of London bankers was a "very charming idea" but did not say whether Berlin was prepared to heed a Franco-British call to adopt the policy.
One of Germany’s top bankers has blasted senior colleagues around the world with a call to end exorbitant bonuses in the banking industry, business newspaper <i>Handelsblatt</i> reported Sunday.
Germany Friday threw its weight behind a scheme to limit bonuses for bankers as part of a drive towards greater financial market regulation to be debated at a key Group of 20 meeting next month.
German Chancellor Angela Merkel has slammed banks planning to pay out millions of euros to senior executives in end-of-year bonuses, news magazine <i>Der Spiegel </i>reported.