Verizons Voluntary Separation Plan for an Increase of 5G Investment: More than 10,000 Employees

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 Verizons Voluntary Separation Plan for an Increase of 5G Investment: More than 10,000 Employees


Verizon, the leading U.S. operator. Visual Chinese data

On Dec. 10, Verizon, the leading U.S. operator, announced that by the middle of next year, as part of the companys voluntary turnover plan, about 10,400 employees will leave, accounting for about 6.8% of the total.

According to a press release released by Verizons official website, Voluntary departure plans are related to Verizons recently announced restructuring of the company structure to optimize development opportunities in the 5G era, and 10,400 employees have accepted voluntary departures. Employees who accept resignation are free to choose the time of resignation at the end of 2018, March 2019 and mid-2019, respectively.

Hans Vestberg, Verizons chief executive, said: These changes are not sudden, they are predictable, and they will have no impact on our customers. As far as the companys current financial and operational capabilities are concerned, at this stage, we will better serve our customers in a more flexible and rapid way.

As Verizons investment in 5G networks continues to increase, Verizon has been looking for ways to reduce costs, Reuters reported. According to Reuters, Verizon has said it expects to save $10 billion in cash by 2021.

As part of the voluntary separation plan, Verizon said that employees who leave will receive a subsidy based on the length of their working life, with a maximum of 60 weekssalary, bonuses and benefits.

In an open letter to employees, Hans Vestberg said: The next few months will be a transitional period for those who accept voluntary departures. For the entire Verizon team, while we are fully prepared for our great cause, we will also face different ways of working. In this great technological revolution, we will lead the world and remain in the lead.

CNN, an American cable network, reports that leaving is not a bad time. According to CNN, the unemployment rate in the United States is now 3.7%, compared with 5.8% when Verizon last proposed a voluntary turnover plan, which means that Verizon employees can now take the money to find another job.

The last time Verizon proposed a large-scale voluntary departure plan, it can be traced back to 2003, when more than 20,000 people left, far more than this scale. Moreover, as far as the severance allowance is concerned, the last employee who left the company only received two weekssalary allowance, which is much lower than the current welfare policy.

According to statistics from the U.S. Department of Labor, the United States is facing a wave of resignation on a large scale. Since the U.S. Department of Labor began collecting data in 2001, resignation rates in September and October 2018 have reached new highs. But at the same time, job vacancy rates across the country are also at record highs. CNN reports that the data send a strong signal to American employees, meaning its a good time to try a new job. And Verizon employees are spread across the United States, giving it an advantage over those who left last month after General Motors announced layoffs. GM announced last month that, as part of its transformation plan, it would lay off 15% of its salaried employees by the end of next year, or 14,700 employees, and close seven production bases worldwide. Because GM employees are concentrated in a few towns, many of them need to move out of their place of residence for the next job, so they face more difficult employment opportunities. Source: Wang Fengzhi _NT2541

According to statistics from the U.S. Department of Labor, the United States is facing a wave of resignation on a large scale. Since the U.S. Department of Labor began collecting data in 2001, resignation rates in September and October 2018 have reached new highs. But at the same time, job vacancy rates across the country are also at record highs.

CNN reports that the data send a strong signal to American employees, meaning its a good time to try a new job. And Verizon employees are spread across the United States, giving it an advantage over those who left last month after General Motors announced layoffs.

GM announced last month that, as part of its transformation plan, it would lay off 15% of its salaried employees by the end of next year, or 14,700 employees, and close seven production bases worldwide.

Because GM employees are concentrated in a few towns, many of them need to move out of their place of residence for the next job, so they face more difficult employment opportunities.