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Verizon to shed 10,400 employees by next year

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On Monday, Verizon Communications Inc announced that around 10,400 employees of the company will leave the wireless carrier by next year as the company’s voluntary separation program.

The company based in New York has been cutting cost for ramping up investment in the next generation 5G network with expectations that it will fuel growth. The company is expected to reach around $10 billion of cumulative cash savings in next three years.

Verizon says to shed 10,400 jobs by mid next year

The employees will be given a salary of 60 weeks along with benefits and bonus on the basis of their service length as part of the separation program. The company also said,

This program coincides with Verizon’s recently announced realigned organization structure designed to optimize growth opportunities in the 5G era.

At the end of its third quarter, the company had around 152,300 employees as on 30 September.

Source: Reuters and Big Sky Headlines

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