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The Italian operator has reportedly reached an agreement with unions that 2,000 staff will take voluntary early retirement as part of ongoing cost-cutting measures
At the start of last year, Italian incumbent operator TIM announced that the company would seek to save €1 billion by 2024 through various cost-saving measures, including cutting jobs.
At the time, reports suggested that the operator was looking to reduce its domestic workforce of roughly 42,500 staff by up to 20% by 2030.
By the summer, the first outlines of the job cutting process were becoming clear, with the operator reaching an agreement with unions to cut 1,200 jobs by the end of 2022 via a voluntary retirement scheme.
However, this was quickly revealed to be just the first round of cuts, with TIM soon back at the negotiating table with unions to cut a further 2,200 jobs by the end of 2024.
This week, nearly half a year on, an agreement has finally been reached, with unions agreeing to a new voluntary early retirement scheme encompassing 2,000 Italian employees.
In total, this will mean TIM will have cut around 3,200 of its domestic staff through early retirement by the end of the year.
In related news, TIM recently launched a bidding process for the sale of NetCo, its network unit that comprises its access network as well as its wholesale submarine cable unit Sparkle.
TIM received an offer for NetCo from US investment firm KKR back in February, which was followed up by a counter offer earlier this month from state bank Cassa Depositi e Prestiti and Australia’s Macquarie Group.
KKR now has the option to increase its bid.
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