July 6, 2020

These are the conditions of Telefónica's voluntary retirement plan

Telefonica has offered Wednesday to the company's employees a Individual Employment Suspension Program (PSI) for those who turn 53 or older in 2019, 100% volunteer, who contemplates 68% of the salary, with the mandatory contributions of the Promoter to the Healthcare Pension Plan and with a term of affiliation that will end on October 31. In total they are 4,200 workers who can adhere to this plan, about 20% of the workforce, made up of 21,500 workers, as union sources have informed Efe, who have specified that all of them They are employees of Telefónica España, Telefónica Móviles and Telefónica Soluciones Informáticas.

This is the approach that the management of the company made this Wednesday at the meeting of the negotiating table of the collective agreement, after the board of directors yesterday approved an PSI for workers born in 1966 or earlier and with a minimum age of 15 years, as one of the measures to be taken to increase the company's share price.

Telefónica expects to spend about 1.6 billion euros on this plan, which will end on December 31, and save 220 million euros since 2021, as reported by the company yesterday in a relevant event to the National Securities Market Commission (CNMV). The impact on cash generation of this plan will be positive from the first year, although it will ultimately depend on the degree of adherence to it, the company said.

The workers' representatives have not given a response to the company, with which they will negotiate again on the 20th day at the meeting called to analyze the collective agreement. Union sources have told Efe that a priori they do not see the proposal for workers harmful taking into account that the conditions of the previous plans are reproduced and is voluntary.

Since last June, the company and unions are negotiating the collective agreement of the company, although until today this PSI had not been raised. During the negotiation of the agreement, the company has raised a 1.5% salary increase per year and that this agreement is valid for three years, to which one is added for an extension.

. (tagsToTranslate) larazon.es

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