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 seven 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 five years of salary, bonus and benefits, depending on length of service.