Rumours are circulating that PSA is planning to cut up to 10,000 jobs in Europe.


According to Reuters, PSA has refused to confirm a report on the website of CAPITAL magazine that CEO Christian Streiff has delayed announcing the job cuts until after May 6th, the date of the last round of the French presidential election.


Employment concerns are a major factor in the election campaign, and prime minister Dominique de Villepin has reportedly put pressure on Streiff to put off announcing restructuring plans.


This has been denied by the prime minister’s office, which said that the government does not intervene in the operations of a private company.


According to Reuters, PSA signed a preliminary agreement with five unions earlier this month for a plan that would allow it to offer voluntary redundancies to some workers. “The agreement looks forward at the evolution of jobs at PSA and provides, in cases where the group would be obliged to cut jobs, for facilitating voluntary departures with financial assistance from the company,” said a PSA spokesperson.