Spain: Telefónica adopts four-day week in exchange for pay cut

Following a trial period that lasted several months, Spain's leading telecommunications operator Telefónica is to extend the opportunity to work four days per week. The so-called "jornada semanal flexible bonificada" (flexible working week with bonus) will be open to the group's 18,000 employees in Spain. Under the terms and conditions negotiated with employee representatives, the transition to a four-day week will always be voluntary. Employees that take up the option will see their wages cut proportionately, however the company has committed to repay 20% of the sum deducted.