New PSA Early Retirement Plan Targets 3,500 Workers

PSA Peugeot Citroen confirms it has launched another round of early retirement offers in hopes of eliminating 3,500 jobs in France by 2016.

The 3,500 positions are in addition to the 11,200 jobs PSA intends to eliminate by the end of 2014. The company tells Bloomberg News it expects that program to save €125 million this year.

PSA predicts 950 workers will sign up for the new retirement offer. The program allows current employees to work part time and collect 70% of their full-time pay for as long as three years before leaving the company.