ITALY: Fiat to cut 550 more jobs - report
Fiat may axe 550 more jobs in Italy, Reuters reported, citing a document released on Wednesday.
Reuters said that Fiat had previously announced 2,887 mainly blue-collar job cuts.
The news agency said that a document issued after Fiat met with unions on the proposed job cuts said 550 more jobs could go at its power train joint venture with General Motors.
Reuters said the head of Italy's biggest metalworkers' union, Fiom-Cgil, refused to sign the job reduction plan, saying he lacked evidence Fiat's restructuring would do any more than cut costs.
“The plan is not credible. It will not pull Fiat out of the crisis. It is just a plan to cut jobs," Gianni Rinaldini told Reuters after a two-day meeting with Fiat.
Other unions agreed a deal where social security pays part of laid-off workers’ salaries for a time, Reuters added.