TIM set to make 1,300 redundancies by year end

TIM set to make 1,300 redundancies by year end

TIM sign generic 16.9.jpg

Telecom Italia (TIM) is reportedly set to make 1,300 employee redundancies by the end of 2021.

In a Reuters exclusive, the job cuts will form part of a voluntary redundancy scheme and comes as the Italian telco restructures its business due to the impact of the Covid-19 pandemic.

Speaking to two union sources, Reuters reports that the job cuts will account for roughly 3% of TIM’s 42,600-strong workforce and rolled out as an early retirement scheme.

Sources say there is also the potential for a further 178 redundancies by the end of 2023, through a different voluntary redundancy scheme.

According the report, TIM has already made 2,500 job losses through voluntary scheme in 2020 and its revenues for the year fell 7.7%.

Interestingly, despite the proposed cuts, sources hinted at TIM potentially making hires in its digital units particularly as the company develops a new cloud unit and boosts cybersecurity, video streaming and IoT businesses.

In related news, earlier this month Carlo Filangieri, the head of wholesale markets at TIM, was named CEO of Italy’s last-mile fibre business, FiberCop.

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