Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Telefónica, a Spanish telecommunications company, has formally notified unions of its plan to cut 5,319 jobs across four of its main Spanish subsidiaries (namely, Telefónica España, Telefónica Móviles, Telefónica Soluciones, and Movistar+) through a series of Employment Redundancy Files (ERE). The proposed layoffs represent 36.8% of the 14,457 employees at these entities and mark one of the most extensive workforce reductions in the company’s history.
According to documents shared with representative unions, this will involve 3,649 employees at Telefónica España (or 41% of its workforce); 1,124 employees at Telefónica Móviles (31% of employees); 267 employees at Telefónica Soluciones (24% of employees); and 279 at Movistar+ (32% of its workforce).
The measure is justified by organisational, technical, and production reasons and primarily targets employees born in 1969, 1970, and 1971 (those reaching 57 years of age between 2026 and 2028). The company expects departures to begin in 2026. Telefónica employs roughly 25,000 workers in Spain, and additional layoffs are expected in other subsidiaries, including Telefónica SA (the corporate parent), Telefónica Global Solutions, and Telefónica Innovación Digital.
Negotiations are expected to last about a month, with a potential agreement by late December or early January 2026. UGT has demanded that all exits remain strictly voluntary and based on early retirement schemes, consistent with previous agreements. The company aims to book the financial impact of the ERE in the fourth quarter of 2025 to prevent it from affecting 2026’s accounts, which are already burdened by losses from divestments in Latin America. Unions warn that they will not endorse the new ERE unless it guarantees the voluntary nature of departures and improved employment conditions through the extension of the current collective agreement to 2030.
Telefonica experienced a previous internal restructuring experience in 2023, with 3,420 people being affected Telefonica España 2023-ES
Updated, 25 NOV 2025
Telefónica has expanded its restructuring plan to include a total of 6,088 job cuts across seven of its Spanish entities, including the group’s corporate parent company, Telefónica S.A., where 378 redundancies are proposed (about 33% of its 1,160 employees). This latest announcement concludes the establishment of all negotiation committees for the group’s ongoing Employment Redundancy File (ERE). Overall, seven EREs have been presented, representing 35% of Telefónica’s total Spanish workforce.
Updated, 22 DEC 2025
Telefónica has reached a final agreement with trade unions to finalise its Employment Redundancy File (ERE), which will result in the departure of between 4,525 and 5,500 employees, at an estimated cost of €2.5 billion. The measure affects seven Spanish subsidiaries and represents up to 31.8% of the workforce within those entities, or 21% of Telefónica’s total staff in Spain. The figure is 25% lower than the 6,088 layoffs initially proposed earlier in December. The agreement prioritises voluntary departures and early retirements. Telefónica has pledged not to veto voluntary exits. A new collective agreement valid until 2030 guarantees the creation of jobs equivalent to 10% of the number of employees leaving. Workers born between 1969 and 1971 will receive 68% of their salary until age 63 and 38% thereafter, with variations depending on age groups. Those meeting minimum seniority requirements can opt in voluntarily. Additional voluntary bonuses ranging from €5,000 to €18,000 will be paid to encourage participation among staff not eligible for early retirement.
Updated, 4 FEB 2026
Telefónica has confirmed the acceptance of 4,772 voluntary departures under the Employment Redundancy File (ERE) applied to its three main subsidiaries, namely Telefónica España, Telefónica Móviles and Telefónica Soluciones. A total of 5,124 employees applied to join the scheme, but 352 requests were rejected, either because the agreed quota of departures had already been exceded or because accepting them would have surpassed the 35% maximum threshold set for non-surplus areas. Most of the approved exits will take place between March and June 2027, with only residual departures continuing until 2028. Trade unions, particularly UGT, have called on Telefónica to examine the internal factors that led to such a high level of voluntary participation and have requested that employees previously vetoed in earlier redundancy processes be prioritised in the first exit window.
Eurofound (2025), Telefonica España, Internal restructuring in Spain, factsheet number 203734, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/203734.
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