Volkswagen AG and labor leaders are moving closer to an agreement to restructure the automaker’s namesake brand without shuttering factories in Germany, according to people familiar with the matter.

Volkswagen’s employee representatives say they have reached a wage deal. The deal will ward off management proposals for plant closings in Germany and bars involuntary layoffs through 2030.

Volkswagen and labor leaders are moving closer to an agreement to restructure the automaker's namesake brand without shuttering factories in Germany, according to people familiar with the matter. Bloomberg's Oliver Crook reports.