Porsche to Increase Wages Early

German manufacturer Porsche, boosted by the good performance registered in the last three months, announced today that it has decided, together with the Group Works Council, to push forward the planned 2.7 percent wage increase from April 2011 forward to February.

Porsche announce yesterday it sold 21,218 vehicles, a number which represents an increase of 86.4 percent compared to the previous (very weak) quarter. That means an operating result of EUR395 million ($528 million), compared to the EUR52 million ($69.6 million) in the previous quarter.

“Not least thanks to the flexibility of our employees, Porsche has generated positive earnings even during the past two crisis years. By bringing the wage increase forward, the Board of Management wishes to show its gratitude to the entire workforce,” said Thomas Edig, Porsche head of Personnel and Social Affairs.

The carmaker's workforce increased steadily this year, after in late 2009 and early 2010 the company faced serious financial difficulties. As of October 31, 2010, 13,043 employees worked for Porsche, 2.5 percent more than at the end of July this year.

In October, Porsche decided to pay all employees a special bonus of EUR2,100, a bonus meant to reward the performance of the carmaker in the past financial year. The Christmas bonus will be paid in November.

“These earnings would not have been possible without this workforce. That is why, in agreement with the Board of Management, we will avail ourselves of the scope provided by the IG-Metall union’s collective labour agreement and bring the wage increase forward”,
added Uwe Huck, Group Works Council chairman.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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