Telefonica, Trade Unions Agree on Deal For Thousands of Voluntary Layoffs
28 Dezember 2021 - 11:50AM
Dow Jones News
By Mauro Orru
Telefonica SA has signed a deal backed by Spanish trade unions
for the voluntary layoffs of thousands of workers.
The Spanish telecommunication company said Tuesday that the plan
entails the voluntary departure of about 2,700 employees, at a cost
of around 1.50 billion euros ($1.70 billion) before taxes to be
accounted for in the fourth quarter.
Telefonica said the impact on cash generation will be positive
from 2022, with average annual savings from direct expenses
estimated above EUR230 million from 2023.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
December 28, 2021 05:35 ET (10:35 GMT)
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