Telefónica slashes workforce by 2,700 in Spain estimating costs of €1.5bn in redundancies and restructuring

Telecommunications giant Telefónica has announced an agreement with unions CCOO and UGT to cut its workforce by around 2,700 in Spain. The voluntary redundancy plan is aimed at employees who turn 55 or over in 2022 and have been at the company for at least 15 years. Telefónica Spain said the job cuts will cost about €1.5bn this year, which will be recorded in the fourth quarter of 2021. Moreover, it estimates the annual cost savings from the plan at over €230m from 2023, as it tries ...