Spanish telephone group Telefónica cuts a good 3400 jobs in its home market
The indebted Spanish telephone group Telefónica is cutting a good 3400 jobs as part of a cost-cutting program in its home market. As the company announced on Wednesday evening, exactly 3421 jobs are to be cut in the first quarter of this year and will primarily affect employees aged 56 and over with at least 15 years of service. Telefónica agreed on the plan with the trade unions.
According to the information provided, the redundancy program will cost the Group around 1.3 billion euros before taxes and is expected to lead to annual savings of 285 million euros on average from 2025. It will now affect up to a fifth of Telefónica employees in the Spanish market. The company has over 100,000 employees worldwide. It is present in twelve countries, including Germany, where its subsidiary Telefónica Deutschland operates the O2 network, as well as Brazil and the UK.
The job cuts that have now become known are lower than recently thought. In December, the trade union announced that Telefónica was planning to cut 5,100 jobs in Spain by 2026. Like other European providers, Telefónica is under cost pressure in the face of fierce competition.
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- Despite being present in multiple countries, Telefónica's cost-cutting measures will primarily impact its telephone group in the Spanish home market, leading to the elimination of approximately 1,300 million euros in expenses before taxes and an average of 285 million euros in annual savings from 2025.
- The Spanish telephone group Telefónica, which operates in markets like Germany, Brazil, and the UK, has initiated a savings program, resulting in the announcement of job losses totaling 3,400, primarily affecting employees aged 56 or above with over 15 years of service in the home market.
- The recent job cuts announcement by Telefónica's telephone group has reduced the original plans for job losses in the Spanish market from 5,100 to 3,400, as part of their strategy to cope with increasing competition in the global home market.
Source: www.ntv.de
