Verizon Communications Inc. today announced the departure of almost 7 % of its worldwide task as part of a voluntary program to leave the business.  The offer was accepted by 10,400 employees out of the 44,000 employees to whom the offer applied. 

The reason for a significant portion of workers accepting the buyouts could be attributed to the generous severance offered. The employees were offered 60 weeks of salary bonus and benefits depending on the length of service as a part of this program. 

“For those who were accepted, the coming weeks and months will be a transition. For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon,”

CEO Hans Vestberg said in a note to employees.

This move by the american telecom giant is a part of the company’s cost-cutting efforts in order to invest more in their 5G Network. The program is expected to save the company $ 10 billion in the next 4 years. “These changes are well-planned and anticipated, and they will be seamless to our customers,” said Hans Vestberg.

 It has also scaled back on its media and advertising ambitions. Earlier this year, the company shut down its Go90 mobile-video operation. Verizon is intent on pioneering this technology. Very recently, the company announced its partnership with Samsung to bring out a 5G enabled smartphone as early as mid-2019. 

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