VW guarantees 100,000 jobs until end 2014

FRANKFURT: Volkswagen said on Tuesday that it had agreed to guarantee the jobs of 100,000 workers in Germany until the end of 2014.

In exchange for the a with Germany's powerful IG Metall trade union, "the company and employee representatives affirmed their commitment to jointly achieve productivity rises," the statement said.

A "performance-related remuneration component" was also agreed upon, as was the hiring of apprentices based on how well they did during a training period.

The agreement covers 100,000 workers and extends a previous job guarantee that was to run until 2011 in VW plants and at the financing division of Europe's biggest auto manufacturer.