PARIS (AP) — Air France says it needs to cut 2,800 jobs to balance its books and return to health after years of falling demand and increased competition from low cost carriers.

The French airline, which is part of the loss-making Franco-Dutch group Air France-KLM, said Wednesday that it will offer buyout plans in order to cut about 5 percent of its workforce.

Air France is struggling to compete with low cost operators and plans to offer fewer flights between Paris and provincial cities itself, while increasing flights on its own low cost carrier, Transavia.

The carrier had already announced that it was reducing its staff by about 5,000 people and originally said it would stem losses by the end of 2013. It now says that won't happen before next year.

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