PSA Peugeot Citroen expects 2,500 early retirements in 2014-15
PSA Peugeot Citroen said on Thursday that up to 2,500 older French workers will leave the carmaker’s payroll in 2014-15 as it cuts headcount under a deal struck with unions last year. Paris-based Peugeot, which employs some 70,000 people in France, has pledged to cut payroll costs to 12.5 per cent of group revenue by 2016 from 15.5 per cent last year, under the “Back in the Race” recovery plan unveiled in February.
The departure terms for senior workers amount to a form of early retirement – funded by restructuring charges rather than payroll until the employees reach pensionable age. The number, higher than the 2,000 previously anticipated by unions, reflects a bigger-than-expected uptake of the voluntary scheme, human resources chief Philippe Dorge told reporters.
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