A shock a few days before Christmas for the employees, who were already more than tense due to the bankruptcy at KTM. The motorcycle manufacturer apparently cannot keep its promise to transfer the majority of December’s salary, the Upper Austrian Chamber of Labor reports.
A few days after the opening of the bankruptcy proceedings, KTM wanted to transfer an advance of 90 percent of the December salary to the employees. Then it became the money for a working day in November and a twelfth of the Christmas bonus. The bulk of the December salary should certainly come before Christmas, it was said.
Apparently nothing comes of this, the Upper Austrian Chamber of Labor announced on Friday. The employee representative reports that there should not be sufficient liquidity to carry out the transfer. “There is simply no more handshake quality in KTM management,” said Andreas Stangl, chairman of the Chamber of Labor, angrily.
This is not only a heavy blow for the employees. This also adds to the concerns that have arisen at KTM regarding the debt dimension. More and more people are doubting whether the renovation can be a success at all.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
