Telecom Italia Continues Job Reductions

Telecom Italia reportedly agreed further job reductions. That 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.

The operator is said to have struck a deal with trade unions which would add 700 jobs to departures previously agreed for the year. 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 4Q19 earnings, the company 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.