US EditionTelefonica to shed around 5,500 jobs in Spain
The voluntary departure plan targets 5,500 jobs, nearly 25% of Telefonica's Spanish workforce, with €2.5 billion costs and annual savings above $700 million, company said.
- On Monday, Telefonica said it will cut up to 5,500 jobs in Spain under a voluntary departure plan agreed with Spanish trade unions last week.
- Last month, Telefonica announced a five-year strategic plan focusing on key markets and restructuring, prompting talks with Spanish trade unions amid a net loss of 1.08 billion euros this year.
- Most reductions will hit Spain, where Telefonica employs roughly 25,000 people, and the planned 5,500 workers represent nearly a quarter of that workforce based on last year’s count.
- Savings and cash effects include estimated costs of around 2.5 billion euros and more than $700 million annual savings, with Telefonica cutting its dividend to 15 cents per share next year.
- Via the stock market regulator, Telefonica described the planned 5,500 job cuts as part of measures by the debt-laden telecoms firm to restructure operations and reduce debt, while TNE5.DE closed Monday at 3.4180 euros on XETRA.
47 Articles
47 Articles
Observador
Jornal de NegóciosThe agreement speaks of "voluntary income" of about 5500 workers. The company estimates that the staff court will represent an average annual savings of EUR 600 million from 2028.
This "employment regulation process" (or the EU in Spanish seal) will cost "nearly EUR 2.5 billion before taxes"
The social plan initiated by the telecommunications giant Telefónica and validated last week by the unions previews "about 5,500 departures" in Spain, announced Monday the group in a communiqué published by the Spanish stock exchange gendarme. ...
The announcement at the end of November of this social plan by Telefonica, still 10% owned by the Spanish state, had provoked the anger of the central left government, which had said "in deep disagreement" with a decision deemed "inadmissible".
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