Verizon cuts 10,000 workers through buyouts as part of restructuring

Verizon cuts 10,000 workers through buyouts as part of restructuring

Verizon cuts 10,000 workers through buyouts as part of restructuring

Approximately 10,400 Verizon employees voluntarily resigned from the company. The offer, first announced in September, is part of a companywide goal to save $10 billion in cash by 2021.

Verizon Communications on Monday said 10,400 employees are taking a voluntary buyout, the latest example of corporate downsizing as big companies shift from old lines of business to new opportunities while the economy is still strong.

"These changes are well-planned and anticipated and they will be seamless to our customers", Verizon CEO Hans Vestberg said. That cost-cutting effort spans Verizon's business, and now includes the voluntary departure of roughly 6.8% of the company's total workforce. Vestberg also insinuated that customers will not see any service interruption as a result of the resignations.

The reductions represent almost 7 percent of Verizon's total workforce, which came to 152,300 at the end of the third quarter.

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Verizon began its preparations for 5G years ago by densifying its 4G LTE network using small cell sites in highly-populated areas.

As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.

Those who chose to take the deal would have a final date at the company ranging from the end of 2018 through June 2019.

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