This Monday the deadline to sign up for voluntary departures opens in six of the seven affected companies

Telephone This Monday, December 29, the period for voluntary adhesion to the Employment Regulation File (ERE) launched in seven subsidiaries of the group opens this Monday, December 29.

Specifically, The registration period for dismissals begins in the three subsidiaries governed by the Related Companies Agreement (CEV) (Telefónica de España, Telefónica Soluciones and Telefónica Móviles), and in the three subsidiaries known as GBUs (Digital Innovation, Global Solutions and Telefónica SA), according to the calendar agreed by management and union representation.

The deadline to sign up will be open until January 29 in the case of CEV companies and until January 26 for GBUs. With regard to the seventh company affected by the adjustment, Movistar Plus+, employees will be able to request departure from January 7 to February 6.

The next step in the adjustment process will be communication by the company of acceptances of voluntary departures and possible forced departuresbetween February 12 and 16.

Telefónica has agreed with the unions UGT, CCOO and Sumados-Fetico a minimum exit threshold of 4,525 casualties (25.6% of the 6,088 that the company raised before the start of negotiations and 26.2% of the 17,248 employees that make up the total workforce of the seven affected subsidiaries). Nevertheless, The company has left the door open to up to a total of 5,500 departures, depending on the volume of requests.

Compensations

Telefónica has provisioned some 2,500 million euros before taxes to face this ERE, 2.3 billion for Telefónica Spain and Movistar Plus+ and 200 million for corporate units.

The cost per employee who leaves the company would be around 454,000 euros, above the 380,000 euros from the previous ERE of 2024, in which 3,420 workers left.

Compensation includes different income brackets depending on age. Those born between 1969 and 1971 will receive 68% of the salary until the age of 63 and 38% after that age; for those born between 1965 and 1968, there will be 62% until 63 and 34% thereafter, and for those born in 1964 or before, 52% until 63 and 35% thereafter. To sign up you will have to have completed 15 years of seniority in the CEV and 13 in the smaller subsidiaries.

The listed company expects to achieve annual savings close to 600 million euros from 2028, about 500 in Telefónica España and Movistar Plus+, and close to 60 million euros in Corporate Units. The impact on cash generation will be positive from 2026, as will the capture of savings.