FRANKFURT, July 21 (Reuters) - Germany's Volkswagen on Wednesday denied a newspaper report it was cutting individual management salaries, saying instead that it aimed to reduce overall staff costs.
"We are not lowering individual salaries, but reducing personnel costs in general by 30 percent by 2011," a spokesman said.
Financial Times Deutschland had reported earlier in the day that Europe's largest car maker would reduce remuneration for its board and the 2,700 managers at the Volkswagen unit.
Volkswagen needs to reduce its staff costs by 30 percent to maintain its competitive position and to avoid removing jobs abroad, personnel manager Peter Hartz had said earlier.