Telefónica presents final plan to cut over 4,554 jobs in Spain

Telefónica has presented its final proposal to cut more than 4,554 jobs across several Spanish subsidiaries: 3,765 from the main Spanish business, 599 from global business units, 190 from the Movistar+ subscription TV service. The revised proposal represents a 25% reduction from the original proposal. The main unions CCOO and UGT: the reduction should be on a 100% voluntary basis, with no compulsory redundancies. Context: European telecom operators are under pressure to cut costs and consolidate. Over the past year, Telefónica already cut around 3,400 jobs.