ERE

Telefónica and the majority unions UGT, CCOO and Fetico-Sumados have signed the employment regulation file (ERE) that will affect the seven subsidiaries of the group. The minimum volume of departures is set at 4,525 employees, 14 less than initially planned after a last-minute reduction in the divisions of Telefónica Global Solutions, Telefónica Innovación Digital and Telefónica SA As highlighted by CCOO statementthe agreement is reached after almost a month of marathon negotiations, which began in November when the management communicated its intention to carry out the ERE for objective reasons that would affect 6,088 employees. Fewer layoffs than estimated He agreement reached establishes the minimum departure of some 4,525 employees, which represents a reduction of 25.6% compared to the 6,088 dismissals proposed at the beginning of the negotiations. However, this limit only responds at a minimum estimatethe company estimates that finally about 5,500 employees will take voluntary leave. In any case, it is a lower figure than that announced by the operator before the negotiations. The bulk of the adjustment corresponds to the companies covered by the Related Companies Agreement (CEV), with 3,765 minimum departures distributed as follows: 2,925 in Telefónica de España (almost 33% of a workforce of 8,892 people), 720 in Telefónica Móviles (20% of a total of 3,587 employees) and 120 in Telefónica Soluciones (11% of 1,118 workers). In the case of these companies covered by the Related Companies Agreement, the final number of dismissals is not fixed, but depends on the volume of voluntary adhesions, with a range that goes from 3,765 to 5,040 departures. The group’s global units total 585 layoffs. 109 layoffs in Telefónica Global Solutions (17% of the 638 employees), 182 in Digital Innovation (18.3% of 993 employees) and 294 in the TSA parent company (25.3% of 1,160 employees). Added to these figures are 175 departures from Movistar+, which represent 20.3% of its workforce of 860 people, a significant reduction compared to the 297 departures initially planned. Economic conditions and membership requirements Compensation contemplates different sections depending on the year of birth of the workers. Those born between 1969 and 1971 will receive 68% of the regulatory salary until the age of 63 and 38% thereafter, although in Movistar+ those born in 1971 are excluded. For the oldest For those born between 1965 and 1968, the percentages are 62% up to age 63 and 34% thereafter, while those born in 1964 or before will receive 52% of the salary up to age 63 and 35% thereafter. To voluntarily join with these conditions, 15 years of seniority in related subsidiaries and 13 years of seniority in global subsidiaries are required. In addition, the latter include voluntary bonuses of between 5,000 and 18,000 euros depending on seniority, doubling the amounts initially proposed. The departure process will be carried out in a staggered manner depending on the subsidiary. For related subsidiaries, the voluntary departure request period will begin on December 29 and end on January 26, while for global subsidiaries, it will extend from December 29 to January 29. In Movistar+, the voluntary deadline is postponed until January 7 and will be accepted until February 6. Spend to save Telefónica calculates that this ERE will have a cost of about 2,500 million euros before taxes. For Telefónica España and Movistar Plus+ the provision will be around 2.3 billion euros, while for the corporate units it will be approximately 200 million euros respectively. These staff cuts are part of the new Transform & Grow strategic plan of Telefónica for the period 2026-2030, which seeks to save costs up to 3,000 million euros annually in 2030. However, the company estimates annual savings close to 600 million euros from 2028, with a positive impact on cash generation as early as 2026. Simultaneously with the ERE, Telefónica has reached an agreement with the union centers to extend the collective agreements of the seven subsidiaries until 2030. The most significant advance is the commitment to increase salaries 1.5% each year while the agreement is in force, affecting both the related subsidiaries and the global units of Telefónica. Employees of the linked subsidiaries will receive an additional payment of 300 euros in October, of which 150 euros will be consolidated annually in the salary tables. The social benefits include the extension of the teleworking package up to 12 days, the extension of the 36 hour work week to global units, the improvement of bank guarantees for home purchases from 75,000 to 100,000 euros, aid of 3,000 euros for rent and the declaration of December 24 and 31 as non-working days. In Xataka | The best strategies to ask for a salary increase, the negotiation most similar to a “battle” at work Image | Telephone