Telefónica has summoned the unions next Monday to announce a new workforce reduction plan.

MadridTelefónica will announce next week what workforce reduction plan (ERE) it is considering for its staff. telecom Telefónica has summoned the three main unions at the company (UGT, CCOO, and Sumados) for a meeting next Monday to explain how it will implement the new strategic plan and what impact the proposed cost reductions will have on employees. Therefore, the possibility of implementing a collective dismissal procedure (ERE) exists, according to union sources who spoke to ARA.

The fear of further staff reductions has been looming over the company for some time, especially after its president, Marc Murtra, announced that he would implement "ironclad financial discipline." In fact, during the presentation of the new roadmap, the company's leadership did not rule out implementing such a measure. "We have incorporated all the savings opportunities that we foresee as feasible, and when I say all, I mean all. [...] If this includes a decision that involves people, what we can say is that whatever we have to do, we will do it hand in hand with the workers' representatives," said Emilio Gayo, CEO of Telefónica, at a press conference.

Telefónica recorded losses of €1.08 billion through September due to the sale of its Latin American subsidiaries and has set its sights on reducing the debt it has been carrying for years – as of September 30, it stood at €28.233 billion. The last workforce reduction plan (ERE) at the company was implemented more than a year ago, in February 2024, when José María Álvarez-Pallete was still president. At that time, the restructuring plan caused a stir, although after lengthy negotiations it ended up exceeding the company's expectations, with more employees participating than anticipated. The plan affected a total of 3,421 people. Now, the new plan is being faced with SEPI, the Spanish government's investment arm, as the company's largest shareholder with 10% of the share capital.