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- Employment Telefónica studies a new voluntary redundancy plan in Spain for up to 5,000 employees
Telefónica has announced this Monday in its second meeting with the unions that it will execute an ERE to reduce its workforce in Spain, the first it has carried out in a decade after having previously opted for voluntary exit plans. This will mean the departure of thousands of workers, as these processes affect at least 10% of the workforce.
This is the first time that Telefónica has carried out an ERE since 2013, when it closed its last process of this nature. Telefónica's last redundancy plan was closed in 2013, after three years in operation, and involved the departure of 6,830 workers. Since then, the group has advocated using what are known as PSI (Incentivized Exit Plan) to reduce staff. The last of these closed in 2022 with 2,347 workers closing the company. In the last decade, they have left 11,300 employees with this format, following plans approved in 2015, 2019 and 2021.
In economic terms for the group, it will mean the provision of 1,000 million euros in its accounts for this year, which will be offset by the savings in salaries generated. Depending on the outflows, these could amount to more than €200 million per year.
At the same time, the company is expected to launch a redundancy plan for the company's senior managers in which some 300 departures are expected and which will serve to make the company's command structure more efficient and will involve the provision of an additional 200 million euros.