Verizon Communications Inc. (NYSE, NASDAQ: VZ) says it has accepted the requests of approximately 10,400 employees to participate in a “Voluntary Separation Program.” Verizon launched the program as part of its recently announced restructuring effort (see “Vestberg reorganizes Verizon into three groups”). The departing employees represent just under 7% of the service provider’s workforce.
Verizon offered up to 60 weeks’ salary, bonus, and benefits, with the amount available to each employee dependent on their length of service. The company didn’t reveal how many people applied for the early departure program. Accepted employees were assigned one of three departure dates: December 31, 2018; March 31, 2019; or June 30, 2019. Verizon says it selected the scheduled employment end date based on its business requirements.
“These changes are well-planned and anticipated, and they will be seamless to our customers,” said Verizon CEO Hans Vestberg. “This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed, and flexibility.”
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