Verizon Offering Buyout Packages To as Many as 44,000 Management Employees; Some IT Employees Will Be Transferred To Indian Outsourcing Firm Infosys

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Verizon is Offering Buyout Packages To as Many as 44,000 Management Employees; Some IT Employees Will Be Transferred To Indian Outsourcing Firm Infosys

Verizon Communications is offering buyout packages to as many as 44,000 management employees as part of a cost-cutting drive, potentially eliminating more than a fourth of its workforce. From a report:The offer, which excludes executives in sales or crucial company roles, is part of a four-year, $10 billion cost-reduction program that Chairman Lowell McAdam put in place last year. A Verizon spokesman declined to say how many of the 44,000 managers are expected to take the offer and leave the company.

The Wall Street Journal adds: Verizon notified many information technology employees that they were being transferred to Indian outsourcing giant Infosys as part of a $700 million outsourcing agreement. The pool of employees who either received the severance offer or are affected by the Infosys deal amounts to about 30% of the 153,100 employees that Verizon had globally at the end of June. "Strategically we are going to invest more in transforming the business versus running the business," materials detailing the outsourcing agreement said. As part of that pact, Verizon is transferring about 2,500 employees in the U.S. and overseas to Infosys. Those employees aren't eligible for severance payments and won't receive their 2018 bonus if they are offered a job at Infosys and don't accept it, according to materials given to the employees.

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