STUTTGART (dpa-AFX) - Monday, Porsche AG (P911.DE) announced its plan to cut an additional 5,000 jobs by 2035 as part of the Future Package, which aims to strengthen the competitiveness of the sports car manufacturer, reduce personnel costs, and increase productivity.
The Future Package is a key component of Strategy 2035, and was negotiated by the Executive Board and the General Works Council with IG Metall and the Südwestmetall employers' association.
The workforce reduction would be carried out largely through natural attrition, demographic effects, the expansion of the special partial retirement program and voluntary severance agreements.
As part of the plan, the company stated that a total of 3.5 percent of the current collectively agreed pay increase and future pay increases among management and employees covered by the Porsche-specific pay framework will be deferred until 2035.
Additionally, senior and top management will be required to waive an equivalent contribution from increases in basic remuneration in 2027 and 2028.
The automaker also intends to reduce the Christmas bonus from up to 100 percent to 60 percent of a monthly salary, with plans to cut the voluntary company share for Christmas bonuses to five percent from 45 percent by 2035.
Moreover, mobile working will remain possible for a maximum of eight days a month instead of twelve in the future.
Porsche further stated that employees with IG Metall membership will be offered bonuses in the future, which would include one additional day off per year as well as a voucher worth 200 euros per year. Also, these members would receive a one-time increase in the transformation bonus of 411 euros, adding up to 1,911 euros, compared to 1,500 euros for other employees in August 2026.
Under this plan, Porsche intends to invest a cumulative of 2.1 billion euros in the Zuffenhausen and Weissach sites by 2035.
Currently, the company's stock is trading at 43.69 euros, down 0.77 percent on the Frankfurt Exchange.
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