Thursday, September 29

Telefónica signs its voluntary termination plan this Tuesday at a cost of 1,600 million

The CCOO and UGT unions accept the proposal that will affect a maximum of 2,982 people over 54 years of age who will receive 65% of their salary until age 65

Telefónica will sign this Tuesday a series of labor agreements agreed in recent weeks with the CCOO and UGT unions, including their new plan voluntary leave to which a maximum of 2,983 people with a cost for the company of 1,600 million euros, approximately.

The exit plan is aimed at a total of 4,532 employees over 54 years of age from all directions of the company. In the case of the Coordinator, Chief and Manager positions, 100% of this group (214 people) may adhere to the individual suspension plan, while in critical units a maximum of 38% (483 people) can be enrolled and in non-critical units a maximum of 75% (2,286).

Among the benefits, the company will pay a 68% of full salary until they turn 65 for those born in 1967 and 65% of the salary for those born earlier. In addition, it will quote for them at the Social Security until that age and the health insurance. They will also keep contributions to the Pension plan, with the obligation that the worker also contributes his part.

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The majority unions of the company, CCOO and UGT, have accepted this last proposal. “Although the conditions agreed for the PSI are not exactly the same as the previous ones, they essentially respect the fundamental points of all the agreements: 100% voluntarily and an endowment in income that allows the economic stability of those colleagues who decide to join”, has defended UGT.

Voluntary termination plans are common in the ‘teleco’ to renew its staff. The last one was closed in 2019 with the departure of more than 2,600 workers, half of the nearly 5,000 who met the conditions set at that time: being 53 years old or older and having been with the company for more than 15 years. The employees who then decided to take advantage of this plan receive 68% of their salary up to the age of 65, they also maintain medical insurance and the company will pay the Special Agreement with Social Security. The cost of this measure was then estimated at around 1,600 million euros, while the annual savings Average direct expenses stood at around 220 million euros as of 2021.

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