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 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.
Telefonica had initially intended to spare business units dedicated to cybersecurity, marketing and artificial intelligence, though unions opposed. The company intended at first to offer a package to about 1,800 workers.
Globally, Telefonica employs nearly 114,000.
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(Reporting by Inti Landauro; editing by Andrei Khalip and Jason Neely)