EU Money For Fired PSA Workers

Bertel Schmitt
by Bertel Schmitt

Bailing out a European carmaker in need is sure to attract the attention and ire of a few EU Commissars. Once people are in the street, money can legally flow.

The EU will donate €12 million ($15 million) to the cause of needy workers who lost their job at PSA Peugeot Citroen, says Automobilwoche [sub]. They money can be used for training or to start a new business.


Between 2009 and 2010, 2,089 people lost their job at PSA. The financial help must be approved by the EU Parliament and the European Council of Ministers.

Bertel Schmitt
Bertel Schmitt

Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.

More by Bertel Schmitt

Comments
Join the conversation
 2 comments
  • Sector 5 Sector 5 on Aug 21, 2012

    $15 M divided by 2089 comes to a little over $7.18 K each - assuming that is the pie. It is restricted to starting a new business or re-training. Better than the kick in the teeth from PSA. (i) pending approval from the EU Parliament & Council of Ministers [2 bodies] - how long could that take? (ii) $15 M to be amongst how many PSA employees? The site worker above looks straight form Tati's "Trafic," 1971.

  • GS650G GS650G on Aug 21, 2012

    I doubt the money is to be split evenly.

Next