Verizon on Monday announced that it had approved voluntary buyouts for roughly 10,400 employees, or about 7 percent of its total workforce.
The company said in a statement that the buyouts were available to up to 44,000 employees in total, and were offered as part of a company restructuring plan.
“These changes are well-planned and anticipated, and they will be seamless to our customers,” said Verizon CEO Hans Vestberg said in a statement.
Employees who were bought out will leave the company either at the end of the month, or at the end of March 2019 or June 2019, depending in on their position and the company's needs. The buyouts come with up to 60 weeks of severance pay, including bonuses and benefits, depending on time spent with the company.
Verizon said it had 152,300 employees at the end of third-quarter 2018.
The communications giant announced earlier this year that it would offer voluntary buyouts to employees as part of an effort to cut costs before it began offering 5G service, CNBC reported.