France’s PSA Group and Spanish trade unions have signed a deal which includes a voluntary redundancy package for 900 Madrid factory workers.
The collective bargaining agreement spans three years and allows for the 900 redundancies to be offset by the creation of 100 new jobs each year until 2003.
The 3,800 jobs at the Madrid factory will be reduced by 600 over the next three years.
From May, a third shift will also be axed but PSA may reinstate it next year.
The agreement also allows for a three per cent wage increase; one percent above the expected inflation rate.
To view related research reports, please follow the links below:- How well do you really know your competitors?Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Thank you!Your download email will arrive shortly Not ready to buy yet? Download a free sampleWe are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalDataIMS Corporate Profile – PSA Peugeot Citroen Europe’s Automotive Future – challenges for the new millennium |