Telefónica and unions sign an ERE for at least 4,525 employees with a cost of 2,500 million

Telefónica and unions leave the homework done before Christmas and put the expected seal on the employment regulation file (ERE) that will affect seven subsidiaries of the group. The signature signed this Monday brings with it a slight reduction in the impact on the companies known as the GBUs, which leave the adjustment in a minimum volume of 4,525 departureswhich is fourteen less than those agreed upon last week.

The group led by Marc Murtra puts a figure, for the first time since the file began, on this plan that will mean the departure of 5,500 workers if its estimates are met. However, the final impact will ultimately depend on the volume of voluntary adhesions that are registered. To carry out this adjustment, The company estimates an expense of 2.5 billion euros (before taxes)which consists of a provision of 2,300 million for Telefónica España and Movistar Plus+ and another of 200 million for the corporate units, according to its documentation shared with the National Securities Market Commission (CNMV).

Once the ERE is signed, the ‘teleco’ projects an average annual savings in direct expenses of 600 million euros from 2028concentrating the bulk in Telefónica España and Movistar. In any case, the company expects that the impact on cash generation will be positive from 2026, as well as the capture of savings, given that the departure of employees will be effective from the first quarter of next year. The measure fits into the new strategic plan that aims to cut expenses of around 3,000 million euros by 2030 (2,300 million by 2028), including costs linked to the workforce.

In parallel to the negotiation of the ERE, the company management and the union organizations (CCOO, UGT and Sumados Fetico) have also signed a new collective agreement for Movistarin addition to the extension of the agreements of Telefónica Spain and the corporate units until the end of 2030. “All these agreements will allow, among other aspects, to continue betting on loyalty and attraction of the best talent, invest in the development of differential capabilities and consolidate new, more flexible and digital forms of work, on the premises of autonomy, individual responsibility and contribution to results. In parallel, work continues on simplifying the operating model” they say from Las Tablas.

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