HUNTSVILLE, AL (WAFF) - Verizon is offering early retirement packages for thousands of workers, in an attempt to trim its workforce and cut costs.
The severance packages, which offer three weeks pay for every year of service, is part of a “multiyear $10 billion cost-cutting effort” led by the company’s new CEO. Frontline sales employees were excluded from the offer.
Employees offered the severance packages have until mid-November to accept, and departure dates are likely to be staggered from the end of 2018 to mid-2019, the spokesman said.
The company’s recent cost cutting is part of their efforts to invest in infrastructure and technology to build a faster network. The company recently signed a $700 million information-technology outsourcing agreement.
“Verizon had 153,100 employess world-wide at the end of June. Verizon’s overall workforce has shrunk over the past decade, as the company has sold some of its former landline operations. Last year, Verizon laid off more than 2,000 people at its online media business after it combined Yahoo and AOL,” Wall Street Journal reported.