Capitol Times Media
In Spain, Telefonica is cutting around 2,700 jobs
The telecoms group announced on Tuesday that it reached an agreement with labor unions to lay off some 15 percent of its domestic workforce in a plan estimated to cost 1.5 billion euros ($1.7 billion) this year.
According to Telefonica, it plans to reduce jobs by 2,700 by the beginning of 2022 in an increasingly competitive market, resulting in annual savings of over 230 million euros from 2023 onwards.
The company said that the departure of employees in the first quarter of 2022 will result in a positive effect on cash flow generation as well as savings booking.
28 Dec 2021