Telefonica, the Spanish telecommunications company, has proposed a workforce restructuring plan in Spain that will impact 5,124 jobs as part of its reorganization efforts. The plan, which aims to address organizational, technical, and production needs, was revealed by a spokesperson from trade union UGT to Dow Jones Newswires.

According to Telefonica's 2022 annual report, the company currently employs 20,947 individuals in its home market. While the company is yet to provide a comment on the matter, the spokesperson from UGT mentioned that affected employees may have the opportunity to be relocated to other activities within the company and receive training for other roles.

The employees who will be affected by the workforce adjustment plan are those who were born before 1968 and have been with Telefonica for at least 15 years. However, UGT argues that the actual number of impacted jobs should be considerably lower than the initial estimate.

The negotiations between Telefonica and the unions have already commenced, and the next meeting is scheduled for December 11th.

General Motors Co.’s Stock Rises After UAW Strike

Stock Market Update

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Concerns Arise Over Expectations for AMD's Data Center Unit
News

Concerns Arise Over Expectations for AMD's Data Center Unit

Semiconductor analysts raise concerns about AMD's data center unit's high expectations, following Intel's shortfalls in...

Box Reports Q3 Profit Below Estimates
News

Box Reports Q3 Profit Below Estimates

Box reports adjusted profit below estimates for Q3 due to macroeconomic pressures and revised outlook for 2024 fiscal ye...

Financial Health: A New Year's Resolution
News

Financial Health: A New Year's Resolution

As the New Year begins, it's crucial to consider your financial health. Discover how financial advisors can assist with...

Metals and Raw Materials Producers Brace for Potential Government Shutdown
News

Metals and Raw Materials Producers Brace for Potential Government Shutdown

Producers of metals and other raw materials are feeling uneasy with concerns about the looming possibility of a governme...