September 25, 2018 / 3:12 PM / a year ago

Verizon offers separation plans to thousands of management employees

The entrance to a Verizon wireless store is seen in New York, in this May 12, 2015. REUTERS/Shannon Stapleton/Files

(Reuters) - Verizon Communications Inc said on Tuesday it is offering voluntary separation buyout packages to thousands of management employees in the United States.

“It is a voluntary plan and offers employees three weeks’ pay for every year of service,” Verizon spokesman Jim Gerace said, without providing details on the number of employees who would be offered the plan.

The move comes as the No. 1 U.S. wireless provider is trying to slash expenses and save $10 billion in costs by 2020.

Verizon had about 153,100 employees as of June.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar

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