$VWAGY Cuts Hours/Wages in Brazil Plant

Yahoo/Reuter’s headline: Volkswagen to cut working hours, wages in Brazil as parts shortage deepens


SAO PAULO (Reuters) - Volkswagen AG is set to cut working hours and wages at its Sao Bernardo do Campo factory in Brazil as it grapples with a lack of auto parts and electronic components to assemble its vehicles.

The metalworkers union of Sao Bernardo do Campo said on Wednesday it had agreed to a plan for the German carmaker to cut working hours by 24% and paychecks by 12% starting next month.

According to the union, the arrangement will take effect beginning July 7, when workers are set to get back from a 10-day shutdown.