Telefónica Reportedly To Offer Up To 5,000 Voluntary Leave For People Over 53

(RTTNews) - Spanish telecom major Telefonica (TDE.L, TEF) is considering a new employment adjustment to offer voluntary leave for people over 53, El Pais reported. The plan is likely to affect up to 5,000 employees, approximately 20 percent of the company's workforce of 25,000 in Spain.

The operator will negotiate the exit conditions with the unions. The conditions are expected to be similar to the Individual Employment Suspension Plan that has been applied since 2016.

As per the report, the company will discuss the plan at the meeting of the board of directors on Tuesday, and its conditions will be negotiated with the unions.