Telefonica announced last night that it had reached a new collective agreement with its unions, which will be accompanied by a voluntary redundancy plan covering more than 3,400 positions.

The agreement, which affects more than 30.000 employees in Spain, was voted unanimously by the 24 members of the body comprising representatives of the company and of the UGT, CCOO and Sumados organizations, says the operator.

It will come into force for a period of three years, i.e. until the end of December 2026, with an option to extend for a further year.

In a separate press release, UGT stresses that it has succeeded in obtaining a reduction in the working week to 36 hours, with the ultimate aim of achieving a 32-hour week.

At the same time, the Group and the unions have agreed on a voluntary redundancy plan involving 3.421 positions, for which employees over 56 with at least 15 years' service with the company will be eligible.

The cost of the program should be around 1.3 billion euros, says Telefonica, but it should generate annual savings of 285 million euros from fiscal 2025 onwards.

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