Telefonica to shed around 5,500 jobs in Spain

Madrid: Telefonica will cut up to 5,500 jobs in Spain under a voluntary departure plan agreed with trade unions last week, the debt-laden telecoms firm said in a statement on Monday.

The figure represents nearly a quarter of the company’s workforce in Spain, based on a Telefonica count given last year of 25,000 employees in the country.

Worldwide, Telefonica employs 100,000 people.

Last month, it announced last month a new, five-year strategic plan that will see it focus on its main markets of Spain, Germany, the UK and Brazil as well as restructure many of its operations.