Telefonica reaches agreement to cut about 2,700 jobs in Spain

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MADRID (Reuters) -Spain's Telefonica has reached an agreement with labour unions to cut some 15% of its domestic workforce via voluntary redundancies in a plan estimated to cost it 1.5 billion euros ($1.7 billion) this year, the telecoms group said on Tuesday.
The plan to cut around 2,700 jobs in an increasingly competitive market in early 2022 will yield annual savings of more than 230 million euros from 2023, Telefonica said in a filing to the stock market regulator.
"The impact on cash flow generation will be positive in 2022 as will the booking of savings, since the employees will leave during the first quarter of 2022," the company said.
The programme, open to all those born in 1967 or earlier and with at least 15 years of employment at the company, will limit the percentage of departures from some areas, the company said.
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