MADRID (dpa-AFX) - Spanish telecom major Telefonica SA (TDE.L, TEF), said that it came into an agreement with trade unions to slash up to 3,421 staff.
Employees turning 56 years or older in 2024 and with a seniority of more than 15 years can participate in this, the company said.
This will result in an estimated in a pre-tax provision of around 1.300 billion euros.
Average annual savings from direct expenses are estimated around 285 million euros from 2025.
The move serves as part of the III Collective Bargaining Agreement between Telefonica and most representative trade unions, which will run until December 31, 2026.
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