France’s EDF to cut 5pc of jobs

The Pak Banker - - COMPANIES/BOSS -

French elec­tric­ity firm EDF on Thurs­day an­nounced plans to cut five per­cent of its staff over the next three years as it tries to face up to in­creased com­pe­ti­tion and dif­fi­cult mar­ket con­di­tions. With a work­force of 67,000, that means some 3,350 jobs will go, al­though unions said as many as 4,200 posts may in fact be cut un­der the plan.

French busi­ness daily Les Echos, mean­while, said the com­pany would look to cut 6,000 staff world­wide by 2019, a move that would par­tic­u­larly af­fect Bri­tish sub­sidiary EDF En­ergy. State-con­trolled EDF said "in­creased com­pe­ti­tion and un­favourable mar­ket con­di­tions in France and Europe re­quire the com­pany to adapt", al­though it said no one would be forced out of their job. Most re­duc­tions are ex­pected to be made by not re­plac­ing staff who re­tire or leave the com­pany. The re­duc­tion is con­sid­er­ably higher than the 2,000 that EDF pre­vi­ously an­nounced it would cut, and comes with job­less­ness a ma­jor political headache for France's So­cial­ist govern­ment, which is grap­pling with un­em­ploy­ment near an 18year high of 10.2 per­cent.

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