Altice launches voluntary exit programme
The programme run by the company that owns Meo is “voluntary" and includes amicable terminations, early retirements and retirement incentives. Employees have until 31 July to join.
On Monday, Altice launched a voluntary departure programme for the company’s more than 6,000 employees. The programme is “voluntary” and includes amicable terminations, early retirement and retirement incentives. Workers have until 31 July to express their interest in the programme, ECO heard from two company sources.
Officially, Altice doesn’t comment, but the programme, which was made known to workers on Monday, is “voluntary, based on the free decision of employees” and, according to information provided in an internal document by the company that owns Meo, to which ECO had access, “with conditions above the market average”. No reduction target has been announced for the operator, which currently has 6,300 workers.
According to sources heard by ECO, the operator’s staff is being retrained in a sector undergoing technological transformation, and this reduction in personnel has already been followed by competitors. At the beginning of May, NOS also went ahead with a restructuring that included staff cuts.
What exit mechanisms are planned?
Staff reductions will be made through pre-retirement — aimed at employees who reach 60 years of age and 15 years of seniority by 30 June 2026, who will be entitled to 80% of regular monthly salaries (with the exception of meal allowances), a classic health plan and corporate plans with the current conditions and communications and Meo Energia plans — as well as termination by mutual agreement. In this case, there is no age limit and the employee is entitled to two monthly salaries for each year of service, as well as the extension of social benefits for two years, and can use the services of the company specialising in outplacement, Lee Hecht Harrison-DBM.
The company also has a retirement incentive mechanism for employees who are already eligible for retirement but are still working. In this case, Meo provides for an extraordinary exit bonus of 15,000 euros for those who apply for retirement by 31 December.
In 2024, Altice Portugal’s revenues stagnated at 2,775 million euros. Annual growth was 0.7%. Excluding the Altice Labs business, revenues increased by 5.4% compared to the same period last year. The telecoms operator’s EBITDA (earnings before interest, taxes, depreciation and amortisation) shrank by 1.2% last year compared to 2023, also penalised by the performance of the former PT Inovação, where global sales of equipment and hardware hampered growth. Without this impact, Meo’s operating profit rose by 3.3%.
