A new batch of Verizon early-retirement plans for now available for the wireless company’s employees.
Here are a few things to know about the Verizon early-retirement plans.
- Verizon (NYSE:VZ) will be offering to pay employees three weeks of severance for each year they have been with the company.
- It looks like the plans are specifically targeting executives, managers and other workers with a long history at VZ.
- It’s important to note that the offer does not include employees working the sales floor, but may include sales managers and others at its stores.
- This is the first time in 13 years that such Verizon early-retirement plans have been offered by the company.
- News of these plans come as the wireless company looks to reduce its costs by $10 billion before 2021 rolls around.
- The Verizon early-retirement plans also come as the company has been working to reduce its headcount.
- This includes reductions to its employees over the last few years.
- Another recent bit of news that may be connected to the layoffs are plans from Verizon to outsource its IT work.
- This is due to a deal with Infosys (NYSE:INFY) that will have it handling IT work for the wireless company.
VZ stock was largely unaffected by news of the retirement plans as of noon Tuesday. It is also still roughly the same price as it was at the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.