Telefónica

Type
Internal restructuring
Country
Spain
Region
Location of affected unit(s)
Sector
Information / Communication
Information Communication Services
Telecommunications
61.10 - Wired telecommunications activities
500 jobs
Number of planned job losses
Job loss
Announcement Date
13 January 2020
Employment effect (start)
1 March 2020
Foreseen end date

Description

Telecommunications multinational company Telefonica has launched a new voluntary redundancies plan (without minimum age, unlike the previous plan). The company expects to reach 500 employees joining the plan. the plan would pay 50% of employees' salary over a ten years period for employees who have a minimum seniority of 10 years, and 60% of their salary over a five years period for workers with five to ten years of seniority in the company.

This announcement ia an additional measure following the voluntary redundancy plan that affected 2,636 employees in 2019.

Sources

Citation

Eurofound (2020), Telefónica, Internal restructuring in Spain, factsheet number 99720, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99720.