Telefonica Reaches Deal With Unions to Lay off Up to 3,421 Employees in Spain
04 1월 2024 - 4:05PM
Dow Jones News
By Andrea Figueras
Telefonica said that it had reached a collective bargaining
agreement with unions to lay off up to 3,421 employees in Spain,
following the company's restructuring plan.
The layoffs, which will cost around 1.3 billion euros ($1.42
billion) before taxes, will run until December 31, 2026, and can be
extended for one additional year, the Spanish telecommunications
company said on Wednesday.
Employee departures are estimated to take place in the first
quarter of this year and those turning 56 years or older in 2024
who have been with the company for more than 15 years will be able
to participate in the agreement, Telefonica said.
The layoffs will enable the company to reach average annual
savings from direct expenses of some EUR285 million from 2025,
although the impact on cash generation will be positive from this
year.
Telefonica said that it and the unions have been negotiating the
labor force adjustment plan, which follows the company's
organizational, technical and production needs.
According to its 2022 annual report, Telefonica employed 20,947
people in its home market.
In December, the company proposed a workforce restructuring
affecting 5,124 jobs in Spain, but the unions claimed that the
number of jobs affected had to be significantly lower.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
January 04, 2024 01:50 ET (06:50 GMT)
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