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Telefonica SA And Unions Start Talks On Possible Pay Cuts In Spain-Reuters

Tuesday, 12 Mar 2013 02:36pm EDT 

Reuters reported that Telefonica SA has started negotiations with labour unions on cutting labour costs in its core domestic business which has been hit by the economic recession and competition. Union officials said Telefonica SA opened the talks at a meeting on March 11, 2013 with proposals to reduce summer and Christmas bonus payments by 50%, cut back personal days and scrap extra pay for working at weekends among other measures. The Company had already said in 2011 it would cut 6,500 jobs in Spain over three years. The worker representatives said they rejected the latest proposals for pay cuts and the process could last months before final decisions are taken. The Company wants to cut costs to guarantee employment opportunities in the future. 

Company Quote

0.225 +2.03%
11:35am EDT