Verizon Communications offered voluntary severance packages last month to roughly 44,000 employees.That comes to more than a quarter of the carrier’s workforce.
A spokesman for the company confirmed the scope of the offer, which was previously reported by The Wall Street Journal.
The severance packages will give Verizon “an opportunity to find more efficiencies in the size and scope of our V Team and help expedite the building of an innovative operating model for our future,” Chief Executive Hans Vestberg wrote in a memo sent to employees last week and reviewed by the Journal.
Verizon seeks to cut $10 billion in costs and upgrade to a faster, 5G network.
Employees eligible for the severance packages were offered three weeks’ pay for each year of service up to 60 weeks.