"This program coincides with Verizon's recently announced realigned organization structure designed to optimize growth opportunities in the 5G era," the company said in a statement.
Earlier this month, Verizon and Samsung Electronics Co. announced plans to release a 5G smartphone in the first half of 2019. Verizon said it launched the world's first commercial 5G service in October when 5G Home went live in Houston, Indianapolis, Los Angeles and Sacramento.
"These changes are well-planned and anticipated, and they will be seamless to our customers," Verizon CEO Hans Vestberg said in a statement. "This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed and flexibility."
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Verizon said its voluntary separation program offers up to 60 weeks' salary, bonus and benefits, depending on length of service, Verizon said. Employees who chose to volunteer were notified Monday whether they were accepted and their last date on payroll - either year-end 2018, or the end of March 2019 or June 2019, depending on the needs of the business.
"For those who were accepted, the coming weeks and months will be a transition," Vestberg said in a letter to employees. "For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon. Together, we are leading the world during this great technological revolution, and we will continue to lead the way."
Verizon said it had 152,300 employees at the end of third quarter. Verizon first announced the buyout plan in September. The company previously announced a goal to save $10 billion in cash by 2021.
Shares of Verizon were down 1.20% to $56.99 on Monday.