French carmaker Peugeot is to cut jobs in its home market via early retirements, buyouts and internal transfers. Unions have been told 3450 jobs must go if the recovery plan is to succeed. Nearly half will go through early retirement.
Earler this year the French state along with China’s Dongfeng each took 14% stakes in the company as part of a three billion euro rescue plan.
To balance the cuts Peugeot says it will hire 2000 new apprentices in 2015, but the company has warned 29% of its French workforce faces a potential axe in the future