On Monday, Verizon said that more than 10,000 employees accepted their buyout offer after they announced a restructuring earlier this fall. This amounts to 7 percent of the company’s global workforce.
The buyout program, which was offered to 44,000 eligible employees and managers across all of Verizon’s business segments, offered up to 60 weeks of salary, bonus and benefits. This is all dependent on their respective length of service. The end dates for the employees who have accepted the buyout deal range from the end of 2018 to June 2019.
The restructuring was initially announced in September as a cost-cutting measure and was part of a larger effort to trim workforce as they move forward into 5G network service. Verizon made a goal to save $10 billion by 2021.