spain's telefonica to lay off over 3,400 workers; who all are at risk
Telefonica, a Spanish multinational telecommunications company, is set to lay off more than 3,400 workers over the next two years in order to reduce costs.
The Unión General de Trabajadores (UGT), a major Spanish trade union, said on Thursday that the layoff would start in late February 2024. The layoff would continue till 2025.
Amid layoff tsunami, Spanish telecoms group Telefonica will lay off all 3,400 workers by 2025 to adapt the company’s size to the current market.
Labor groups said that the company was seeking to cut around 5,000 jobs. However, after weeks of negotiations, the number was reduced to 3,400.
The job cuts will affect all of the company’s activities in Spain. They will be implemented gradually between 2024 and 2025.
The layoffs will take place on the basis of productivity, organization and technical reasons. The company has also confirmed the labor “adjustment” in a statement.
It is not yet known who will be laid off in the coming years. However, every employee faces the risk of layoff in 2024.
Currently, the company employs about 21,000 people in Spain. The company’s global workforce exceeds 103,000.
The company aims to boost profitability by reducing capital expenditure, raising revenue and cutting costs.
Under the deal, there will also be a reduction of the working week from the current 37.5 hours to 36 hours in 2026. Part of the deal between Telefonica and the unions also includes a wage increase of 1.5% per year.
In June, the company announced a new rule, whereby employees can choose to work 32 hours a week, eight hours a day from Monday to Thursday.
Spain’s largest trade union UGT is also negotiating a collective bargaining agreement to improve working conditions for the employees.
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