Communications firm Telefonica to shed 4,500 jobs
TELEFONICA is offering voluntary redundancy to 4500 workers to try to improve its profits in Spain.
The firm, which is the third biggest in Europe, today signed an agreement with trade unions to let go any workers over the age of 53.
The company has also agreed to allow remaining staff to work from home on one day a week.
Up to a fifth of the Spanish workforce of 25,000 will be eligible for the redundancy package.
Telecoms firms have struggled in the fiercely competitive market to post strong growth.
Telefonica is investing billions in Spain´s fibre network to try to hit targets of 2 per cent growth and a 2 per cent increase in margins.