MILAN (Reuters) – Telecom Italia is nearing an agreement with national trade unions to cut 2,200 jobs through an early retirement scheme as part of a wider cost-cutting plan to 2024, two sources familiar with the matter said on Thursday.
The reduction plan would come on top of another agreement, sealed in June, entailing 1,200 jobs cuts by November. As of March 31, TIM employs about 42,500 workers in Italy.
Under pressure for years from aggressive price competition on its home turf, TIM CEO Pietro Labriola is looking to revamp its business through a break-up of its operations while seeking about 1 billion euros in savings between now and 2024.
TIM executives and union representatives were meeting on Thursday to discuss a wider agreement to reduce staff costs, the sources said, declining to be named as discussions were not public.
Under the proposal under discussion, about 2,200-2,300 workers could leave the company by 2024, the sources said.
TIM declined to comment.
(Reporting by Elvira Pollina; Editing by Keith Weir)
