The company is looking to make savings of around $10 billion by 2021

The US’ second biggest telco by revenue, Verizon, is to make 44,000 people redundant, according to reports in the press.

Verizon has offered a voluntary severance package to almost a third of its 153,000-strong workforce.

The initiative is part of a plan to save the company $10 billion by 2021.

Employees were reportedly offered 3 weeks’ pay for every year that they had served with the company, capped at a maximum of 60 weeks.

Verizon is also set to transfer 2,500 of its full-time staff to its Indian based subsidiary Infosys. These staff will be transferred onto a one-year contract.

Verizon is ploughing billions of dollars of capital expenditure into its 5G rollout programme and is struggling to balance this investment with ongoing debts in excess of $110 billion.

Verizon has recently switched on its 5G home broadband service, making it officially the first US network operator to rollout fully commercialised 5G services.

Also in the news: 

Verizon switches on 5G in the US

FCC gives telcos a $2bn small cell boost

Verizon: 2020 will see exponential growth for enterprise 5G services

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