Dec 17 (Reuters) - Spain's Telefonica has presented a final proposal to cut more than 4,500 jobs across several units in Spain, union representatives said on Wednesday, describing the plan as fully
Telefonica's Revised Layoff Plan in Spain Cuts Job Reductions by 25%
Dec 17 (Reuters) - Spain's Telefonica has presented a final proposal to cut more than 4,500 jobs across several units in Spain, union representatives said on Wednesday, describing the plan as fully voluntary following changes introduced during negotiations.
The proposal foresees 3,765 departures at Telefonica's core Spanish operations, alongside a further 599 cuts at its global business units and 190 at its subscription TV service Movistar+, bringing the total to 4,554, union UGT said.
A final meeting on Movistar+ is scheduled for Wednesday, the union added.
Main unions CCOO and UGT both said the reduction in minimum departures should allow the process to be carried out on a 100% voluntary basis, avoiding compulsory layoffs.
The revised proposal represents a reduction of about 25% from the number of job cuts initially put forward by the company at the start of negotiations.
Telefonica declined to comment.
The move comes as European telecom operators face years of stagnant growth and investor pressure to cut costs and prepare for consolidation.
Telefonica cut about 3,400 jobs last year as part of efforts to reduce expenses and shore up its balance sheet.
(Reporting by Jesús Calero; Editing by Louise Heavens)
