Overview
- Telefónica filed a CNMV notice estimating a €2.5 billion pre‑tax provision and projecting about €600 million in annual direct savings from 2028, with a positive cash impact from 2026.
- The agreement spans seven subsidiaries with 3,765 exits in the CEV group (2,925 Telefónica de España, 720 Telefónica Móviles, 120 Telefónica Soluciones), 599 across GBU units, and 175 at Movistar+.
- Unions say the process is designed to be voluntary and that no employer vetoes are planned, with forced notifications only if volunteer numbers are insufficient.
- Compensation includes cohort‑based formulas such as 68% of regulatory salary until age 63 and 38% thereafter for those born 1969–1971, alongside specific conditions for Movistar+ and voluntary premiums in GBU units.
- While the signed pact specifies 4,525 departures, company communications reference a potential total near 5,500, collective agreements are extended to 2030, and unions report especially high regional impact in Castilla‑La Mancha with local peaks up to 72%.