Volkswagen management prepares to take pay cut

Volkswagen has announced that it will cut bonuses to senior management as the company prepares to deliver its annual report on April 28.

While not giving specific figures, a statement from the company said that different models would be considered and would “lead to a significant reduction of the variable remuneration”.

Volkswagen admitted in September last year to cheating emissions tests through software in diesel vehicles manufactured between 2008-2015.

It announced in October that it had set aside 6.5 billion euro to recall and refit cars, though this will fall far short.

The ABC reports that scandal is expected to cost between 20 and 30 billion euro in the United States alone.

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