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Spain's Telefonica will pay the state 350 million euros to cover unemployment benefit claims in a union-endorsed plan to axe up to 6,500 workers over three years, the government said Thursday.
The company has said it would cover all costs of laying off the staff, which represent about a fifth of its domestic workforce. Unions believe costs, excluding unemployment benefit, will run to 2.6 billion euros.
The telecommunications group is cutting costs in Spain due to a weak home economy and tough competition.
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