Volkswagen CEO's annual salary of 15.3 billion won last year

Oliver Blume, CEO of German carmaker Volkswagen, who went into emergency management, received 13.3 million euros (about 15.3 billion won) in annual salary last year, the business magazine Handelsblatt reported.

Average salaries of executives on Germany's Frankfurt Stock Exchange DAX, MDAX and SDAX indexes, which are among the top 160 companies by market capitalization, rose 11% in a year to 2.65 million euros (about 3.9 billion won) last year, according to accounting firm data.

The average CEO's annual salary also increased 16% in a year to 3.7 million euros (about 5.5 billion won).

Germany grew by -0.3% last year.

The accounting firm said, "The sharp increase in executive remuneration last year seems surprising at first glance," but analyzed, "Many companies have linked sustainability goals and remuneration regardless of the economic situation."

However, labor circles are not looking at the high salaries of Volkswagen executives, who are seeking a 10% cut in wages for all employees and factory closures and layoffs due to recent declines in returns.

The metal industry union said, "Many employees are angry that their bonuses are canceled and the CEO is paid the highest," and called on Volkswagen's management to set an example by cutting wages.