hr.economictimes.indiatimes.com | www.ETHRWorld.com
The 3,421 job cuts are expected to take place during the first quarter of 2024 and will mainly involve employees who are 56 years or older in 2024 and have been with the company for at least 15 years, Telefonica said in a statement.
The former state monopoly estimated the layoff plan will cost around 1.3 billion euros ($1.4 billion) before taxes and will generate average yearly savings of around 285 million euros from 2025.
The cuts were less severe than initially expected, with unions warning in December that Telefonica was looking to axe nearly 5,100 positions in Spain.
Telefonica also announced Wednesday it had reached a new collective bargaining agreement with unions which runs until 2026 and can be extended for another year, “with the aim of moving towards a more digital, flexible and prepared company for future challenges in a highly competitive context and in…
Click Here to Read more /Source link