Spanish deal offers voluntary early retirement

cyber technology

The Spanish branch of Telefonica has concluded a deal with the country’s trade unions UGT and CCOO including a paid voluntary retirement scheme for employees.

The collective agreement will be valid until 31 December 2021, with a one-year optional extension. It promises an annual salary increase of 1.5% across the board, an annual bonus of €300, and the introduction of a new training programme designed to help Telefonica’s three Spanish enterprises to “evolve towards a more digital company”. More than 6,000 employees are expected to take part in these reskilling sessions, while reports predict that up to 4,500 people are likely to apply for voluntary retirement.

The company has pledged to hire two new workers for every retiree, with at least one under the age of 35.

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Image by Michal Jarmoluk from Pixabay