Telefónica's workforce reduction plan will affect approximately 120 employees in the Balearic Islands.
It will affect seven companies in the group and, according to company estimates, around 5,500 people will be laid off.
PalmApproximately 120 employees of Telefónica España, Telefónica Móviles, and Telefónica Soluciones will be eligible to relocate to the Balearic Islands as part of the company's workforce reduction plan (ERE). The ERE will affect seven companies within the group, and according to company estimates, around 5,500 people will be laid off. It will also have a cost of approximately €2.5 billion (before taxes), as reported by the Spanish National Securities Market Commission (CNMV). "The present value of the expenditure for the workforce reduction plans across all affected companies is estimated at a total provision of €2.5 billion, before taxes," the CNMV explained.
In the case of the Canary Islands, as explained to Europa Press by Sonia Morós, secretary of the Communications and Culture sector of the UGT union, these are employees, the vast majority born between 1969 and 1971, who would gradually leave the companies, given that the workforce reduction plan (ERE) has indicated that 4,525 departures will be affected, and the maximum will depend on the number of voluntary resignations at the end.
The previous workforce reduction plan carried out by Telefónica resulted in the departure of 3,420 employees from the company (33% fewer than the 5,124 job losses initially proposed at the start of negotiations) and the cost was 1.3 billion euros (before taxes), around half the cost of the previous plan.