PSA Proposes Buyouts in France

PSA Peugeot Citroen has offered early retirement packages for its hourly workers in France as it seeks to boost productivity, according to Bloomberg News.

The company has said it plans to close its Aulnay assembly plant near Paris by next year and shed 11,200 jobs in the country.

The head of the CFTC union tells the news service that during labor negotiations PSA proposed a one-time lump-sum payment equal to 1.5 months of salary for workers who agree to retire early or work part-time for 70% of their former wages. About 5,600 employees aged 57 years or older would be eligible.

Bloomberg reported last month that the company would offer a lump sum equivalent to 18 months' pay.