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Verizon Clears Capital for 5G Investment by Laying Off 10,400 Workers

Verizon said that it will offer voluntary buyouts to 10,400 workers as it prepares to make major investments in 5G network technology.

Employees who volunteered for the program were notified Monday as to whether they were accepted and what their last day of work at Verizon will be. The employment terminations are occurring in three tiers—the end of 2018, through March 2019, or through June 2019, determined by the wind-down needs of the specific job.

Employees are eligible for up to 60 additional paid weeks, bonus and benefits, depending on their length of service. The layoffs account for about 7.3% of Verizon’s 152,300 workers.

Related: House Dems Seek Delay of FCC 5G Infrastructure Vote

“These changes are well-planned and anticipated, and they will be seamless to our customers,” said Verizon CEO Hans Vestberg, writing in a company blog post (opens in new tab). “This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed and flexibility.”

Added a Verizon press release: “This program coincides with Verizon’s recently announced realigned organization structure designed to optimize growth opportunities in the 5G era.”

Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!