Telecom Italia reportedly agreed further job reductions which would bring the total number of staff departing the operator in 2020 to 3,400, as the company scrambles to adapt to the financial impact of Covid-19 (coronavirus).
Citing a document, Reuters stated the operator struck a deal with trade unions which would add 700 jobs to departures previously agreed for the year. It noted Telecom Italia won approval to offer staff the option to take early retirement as part of a tighter focus on cutting costs.
When it announced Q4 2019 earnings in March, Telecom Italia noted it would be difficult to determine the likely effects of Covid-19 on its operations. At the time, it stated the the impact would depend on the “duration, intensity and effectiveness of containment action”.
It did, however, outline plans to cut costs and net debt to below €20 billion in 2021.
At the start of 2018, Bloomberg reported the operator mulled slashing around 7,000 of its domestic roster over three years, as part of efforts to increase profitability and efficiency.
In January, rival Wind Tre reportedly opened talks with unions over job cuts involving up to a fifth of its workforce as part of cost reduction efforts.Subscribe to our daily newsletter Back