Telecom Italia eyes deal with unions on more jobs cuts in Italy

MILAN: 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 a previous agreement, sealed in June, entailing 1,200 jobs cuts by November. As of March 31, TIM employed about 42,500 workers in Italy.

Under pressure for years from aggressive price competition on its home turf, CEO Pietro Labriola is looking to revamp TIM’s business through a break-up of its operations while seeking about 1 billion euros in savings between now and 2024.