Telefónica to axe 3,000 jobs
November 11, 2021
From David Del Valle in Madrid
Spain’s largest telco, Telefónica, is set to cut 3,000 workers as part of a job redundancy plan aimed at reducing costs following the drop in revenues due to tough competition in the market.
The redundancy plan is scheduled to be ready by the end of the year to negotiate with trade unions, and then implemented in the first half of 2022.
This is the third job reduction implemented by Telefónica in the last five years -the first in 2019 saw the exit of 2,600 workers aged over 53, and in 2016, some 6,300 jobs were cut.
The redundancy plan will affect the Spanish subsidiaries – Telefónica de España, Telefónica Móviles and Telefónica Soluciones – which overall have 18,000 workers out of the total workforce of 28,500.
The move comes at a time when its rivals Vodafone and Orange are also executing similar redundancy plans affecting some 400 employers at each company.