Yahoo Finance Verizon says 10,400 managers accept buyout offer
Verizon says 10,400 workers accept voluntary buyouts as the company seeks to invest in 5G next-generation network
NEW YORK (AP) -- Verizon says 10,400 U.S. managers have accepted a voluntary buyout offered as the company seeks to trim costs to invest more into its push into the next-generation network known as 5G. That's about 7 percent of its global workforce.
Verizon offered the buyouts to 44,000 employees earlier this year. The staffers taking the buyouts are mainly U.S.-based management staffers, excluding its Oath media business and staffers in some customer facing roles.
The New York company is in the midst of a cost-cutting program to save $10 billion over four years to help it invest in 5G technology. Those accepting the buyout will get up to 60 weeks of salary, bonus and benefits, depending on length of service.
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This story has been corrected to show that workers accepting the buyout will get up to 60 weeks of salary, bonus and benefits, not five years.
