Verizon Communications Inc., the
largest U.S. local-telephone company, said in a regulatory filing
that it expects “significant” expenses in the fourth quarter
from its plan to offer some employees early retirement.
Verizon Chief Executive Officer Ivan Seidenberg said on a
conference call with analysts last month that more than 12,000
managers and union-represented employees could take the severance
offer. Workers have until Sunday to accept the package, New York-
based Verizon said in a filing with the U.S. Securities and
Exchange Commission.
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In September, Verizon settled a contract with workers
allowing the company to pay more to encourage some employees to
retire. Seidenberg is cutting expenses, including reductions in
Verizon’s workforce, to counter a drop in local phone lines.
Managers who accept the buyout will receive two weeks pay
for each year of service, up to a maximum of 35 weeks, plus a
cash payout of as much as $30,000.
Bloomberg News
