Telefónica staff over 53 offered 68% of salary to stay at home

Telefónica, the Spanish telecommunications company, is paying workers over the age of 53 68% of their salary to stay at home, The Guardian reports.

The deal came to be via negotiations with trade unions. Employees have to be at the organisation for over 15 years to qualify. They must remain under contract at the company, who will carry on paying social security and private health contributions until they reach 65; this will ease the state’s output on unemployment benefits.

The scheme is voluntary, and anyone who undertakes it is free to return to full-time employment at any time. Approximately 7,000 members of its 28,000 workforce are eligible for the offer, which will run until next year.

The company expects to make savings of £281million on this measure, adding that this is only one aspect of a plan that will “transform and simplify” the business.