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France, unemployment

IBM to slash French workforce as billions are dished out to shareholders

Unions have denounced plans by US -based multinational IBM to slash its French workforce by 1,200 out of a total 9,700 working in the hexagon.

The CFDT, CFE-CGC and UNSA unions declared in a joint statement that they couldn’t accept ‘incessant job cuts while IBM plans to substantially increase dividends to shareholders.’

IBM, which employs some 400,000 workers across the globe, plans to hand $70 billion of a targeted $100 billion in cash flow to shareholders by 2015. IBM has dished out more than $137 billion to shareholders in the form of dividends and share repurchases since 2000.

The plans to slash the workforce in France, where the number of jobseekers approaches an all-time high following 22 consecutive months of rises, come amid growing concerns about employee suicides which now number 5 in the past two years

A meeting between unions and management about the lay-offs was due to be held Thursday.

Reuters : WSJ : Humanite

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or @revoltingeurope

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