BMW to Trim Employee Profit-Sharing Bonuses

Date : 11/27/2019 @ 11:44AM
Source : Dow Jones News
Stock : Bayerische Motoren Werke AG (BMW)
Quote : 44.75  -0.115 (-0.26%) @ 4:35PM
Bayerische Motoren Werke share price Chart

BMW to Trim Employee Profit-Sharing Bonuses

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   By Max Bernhard 
 

BMW AG (BMW.XE) said Wednesday that it has reached an agreement with labor representatives to trim annual profit-sharing bonuses, among other things.

The German luxury car maker said based on the new bonus formula, employees would have received more than 80% of the previous profit-sharing bonus for last year.

BMW also agreed to introduce a dividend-based component to its retirement plans.

The changes become effective next year.

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

November 27, 2019 06:29 ET (11:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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