Telefónica and the unions sign the new agreement and an ERE for 3,421 workers that will have a cost of 1,300 million

2024-01-03 21:16:31

Telefónica España and the unions UGT, CC OO and Sumamos Fetico have reached an agreement for the signing of the III Collective Agreement of Related Companies valid until December 31, 2026 and extendable for another year, with the aim of moving towards « a more digital, flexible company prepared for future challenges in a highly competitive and profoundly transformed context,” as reported today by the telecommunications company through a relevant fact sent to the National Securities and Markets Commission (CNMV).

This agreement will allow, among others, “to continue betting on loyalty and attraction of the best talent, invest in the development of differential capabilities of the workforce through reskilling and place Telefónica Spain at the forefront in new forms of work and conciliation, on the premises of autonomy, responsibility and contribution to results,” he added.

Likewise, and in parallel, both parties signed the ERE that will affect up to a total of 3,421 workers, to which employees who turn 56 years of age or older during 2024 and have more than 15 years of seniority can join. However, objectives have been established that may result in adhesion limits in critical areas or additional separations in areas with greater functional surplus based on business reasons.

The current value of the Plan expenditure is estimated at a provision of around 1,300 million euros (before taxes), without impact on cash, the company detailed. The average annual savings from direct expenses will be around 285 million euros from 2025. In any case, the impact on cash generation will be positive from 2024, as will the capture of savings, since the departure of employees will be positive. It is estimated that it will take place as early as the first quarter of 2024, he added.