Verizon is encouraging employees to retire early to cut costs
Verizon, the nation's largest wireless network by subscribers, has launched a program to incentivize employees to take early retirement. The move is one of a number of cost-saving measures that the company is taking, targeting $10 billion in savings over several years. The program, introduced by new chief executive Hans Vestberg, aims to save Verizon some money which the company will be able to reinvest in building out a 5G network.
According to the Wall Street Journal, which broke the news of Verizon's staff reduction efforts, employees are being offered a package that includes three weeks' pay for every year that they've been with Verizon. Departures will not begin immediately and will be staggered over the next year, but employees only have until mid-November to accept, according to the report.
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Verizon is encouraging employees to retire early to cut costs originally appeared on BGR.com on Tue, 25 Sep 2018 at 15:28:10 EDT. Please see our terms for use of feeds.