German automaker Volkswagen rejected trade union demands for pay increases for German workers and continued to warn of deep cuts instead during initial collective bargaining talks on Wednesday. VW earlier this month cancelled a long-standing job security deal with workers and warned that it could no longer rule out mass layoffs or plant closures as part of an austerity plan at the auto brand. “Future instead of cutbacks” could be read on one banner. The crowd jeered VW management’s plans with loud boos and chants. The possibility of cuts and shutdowns has raised the stakes for collective barga…