Monday December 10, 2018

Verizon Drops About 7% of Global Workforce

According to CNBC, over 10,000 Verizon employees have accepted a buyout offer from the company. While the term "buyout" is sometimes used when employees collectively buy a stake in company they work for, in this case, its an euphemism for asking employees to quit with a nicer severance package than they'd get from being fired. Verizon reportedly made the offer to about 44,000 employees, and the ones that took the deal were given "up to 60 weeks of salary, bonus and benefits, depending on length of service." Thanks to cageymaru for the tip.

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End dates for employees who accepted the deal range from year-end 2018 to June 2019. The program was offered to 44,000 employees across all of Verizon's business segments... Verizon first announced the restructuring earlier this fall as part of a larger effort to trim workforce ahead of a push into 5G network service.