Fear of a new layoff at Telefónica is straining the workforce.

MadridTelefónica's chairman, Marc Murtra, warned a few months ago that he would maintain "iron financial discipline" at the company in the coming years. For now, it is only a declaration of intent that will likely take shape on November 4th, when the telecom present a new strategic plan. However, for several days now, one of the issues looming over this financial discipline is the possibility of staff cuts through a redundancy plan (ERE), which could affect up to 6,000 employees at various Telefónica subsidiaries, according to a report published this Monday. Expansion.

"Telefónica indicates that it is working on numerous analyses across all areas of the company, but at this time there is no proposal for a collective redundancy plan," company sources told ARA regarding the published figure. In fact, last week Murtra himself spoke out about the "rumor" of a collective redundancy plan at the company. "We never comment on specific issues, and I understand that these types of rumors have always existed [at Telefónica]," the company president indicated in a speech at the Ateneo de Madrid.

UGT Rejection

"We do not agree, a priori, that new departures are necessary to guarantee the future of the Telefónica Group," stated UGT Telefónica in a press release, in response to rumors of a new ERE. The union believes it is "essential" for the company's management to present its strategic plan "before proposing any measure related to a possible workforce reduction."

Furthermore, the union organization points out that the current collective bargaining agreement (CEV), which affects Telefónica España, Telefónica Móvil, and Telefónica Servicios, "includes a job guarantee until the end of 2026." "This means that only an agreement with the unions could allow the implementation of any workforce adjustment measures."

Telefónica already approved a ERE in 2024, when José María Álvarez Pallete was still president. At the time, the layoff plan was a huge shock, although after lengthy negotiations, it ultimately exceeded the company's expectations, and more workers were hired than expected. The plan affected a total of 3,421 people.

The difference between the 2024 ERE and the current one is Telefónica's shareholding. Beyond the definitive arrival of the Saudi-owned STC Group, the state holds 10% of the company's share capital through SEPI, the investment arm of the Spanish government, and has a seat on the company's board of directors, held by Carlos Ocaña, also vice president of the telecommunications company.

Should this ERE materialize, it must have the support of the unions. In the company's current collective bargaining agreement, Telefónica has secured labor guarantees for its employees until December 31, 2026. This, according to the UGT, includes a commitment that any adjustment measures must have union support.