Vodafone, unions reach agreement over 1,003 job cuts in Italy
Reuters
Published Jun 15, 2023 01:38PM ET
ROME (Reuters) - Vodafone (NASDAQ:VOD) said on Thursday it had reached an agreement with unions over managing 1,003 job cuts in Italy needed to cut costs.
The British telecoms giant said the deal was aimed at transforming its Italian business model and containing the social impact of the redundancies, which cover almost a fifth of its total workforce in the country.
Under the accord the group will offer, among other things, career coaching services to employees interested in launching their own business, Vodafone said in a statement.
The decision to streamline its operations in Italy came after a fall in revenues and margins resulting from "extraordinary competitive pressure" in the telecoms sector, the company said in March.
As of May, its workforce in Italy totalled 5,733 employees, according to the group's latest annual report.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.