Monday, November 29

Telefónica follows in the footsteps of Orange and Vodafone and studies a plan for terminations

Telefónica has on the table to carry out a plan to cut jobs in its Spanish subsidiary. The group is considering opening a new departure process in the coming weeks, according to has advanced this Thursday El Confidencial and confirm sources familiar with this medium. The company has avoided commenting on the information and the unions have recalled that, for the moment, no negotiation process has been opened with the group’s management in Spain.

The procedure would be carried out around a model known as PSI, an incentivized leave system that Telefónica uses periodically to reduce its workforce. Based on the previous processes carried out, the sources consulted indicate that the process could exceed 3,000 dismissals. The objective would be to open this negotiation in the coming weeks.

The employment adjustment at Telefónica comes after the EREs agreed in the two main competitors of the old state telecom, Vodafone and Orange, which have resulted in almost a thousand layoffs. In both procedures, the cut was attributed to the loss of business and income that has occurred due to the great growth of low-cost operators, which have eroded the income of the three in recent years by more than 2,000 million euros. main companies in the sector.

From the main unions (UGT and CCOO) it is reported that there is no negotiating table nor have they been summoned to negotiate any similar process at the moment. “Officially there is nothing,” the UGT summarized in a statement released this morning.

In its previous Individual Suspension Plan (PSI), Telefónica offered workers almost 70% of their salary, 100% of their social contribution payment and maintenance of medical insurance.

Telefónica and the unions agreed during the summer to renew the agreement that included the four-day working day pilot and the recovery of teleworking, but this issue has not been addressed.

Telefónica presented better results than expected in the third quarter, but overshadowed by a lower gross operating profit (Ebitda) in Spain, which caused a fall in the stock market from which it has recovered in subsequent sessions, as it has risen by 7 % in the last week and during the session this Thursday, its shares remain ‘green’.

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