Telefónica to cut up to 5,000 jobs
October 23, 2023
From David Del Valle in Madrid
Spain’s Telefónica is set to approve an early retirement plan that may affect up to 5,000 staff through to 2026.
According to Expansión, the company estimates that between 2,500 and 3,000 workers will accept the redundancy keeping in mind a similar plan in 2021 when 2,982 workers accepted it out of a total of 4,532. At that time, the company undertook to pay up to 68 per cent of their salary until final retirement.
This would be the fourth early retirement plan approved by Telefónica. Over the last eight years Telefónica has axed some 11,900 posts at a cost of €6.8 billion.