Telefónica signs the departure of some 2,700 employees at a cost of 1,500 million

Telefónica Spain has signed a social pact for employment on Tuesday backed by the majority unions that will lead to the estimated departure of some 2,700 workers, which would mean an approximate expense of 1,500 million euros before taxes, a figure that the company will count in the fourth quarter of this year.

This has been confirmed by the company in a communication to the National Securities Market Commission (CNMV), where it has estimated average annual savings in direct expenses above 230 million euros from 2023.

In any case, it indicates that the impact on cash generation will be positive from 2022, as well as the capture of savings, since the departure of employees is expected to take place during the first quarter of 2022.

The signed agreement contemplates an Individual Suspension Plan (PSI) of totally voluntary employment. Workers who turn 55 or older in 2022 and have a seniority of more than 15 years can join the plan. Thus, being this the target audience, maximum adhesion percentages have been established that differ according to the areas and which have been set according to the functional surplus justified in accordance with business levers.

Said pact is based on six lines of work: equality and diversity; new ways of working, flexibility, productivity, incorporation and retention of talent; reskilling and professional development; functional and geographic mobility, and voluntary program of individual suspension of the employment relationship.

Telefónica Spain affirms that it seeks to promote equality and capitalize on diversity in an inclusive environment, the achievement of gender, generational and different capacities objectives. Thus, he considers that the new ways of working, which consolidate hybrid models based on a culture of trust, flexibility, contribution and productivity, “will further accelerate the transformation towards a more digital and future-ready company.”