Verizon to cut 1,700 jobs, offers buyouts

Verizon Communications Inc. said on Monday that it offered voluntary buyouts to employees across 12 states in an effort to slash 1,700 jobs. The mobile company is looking to trim costs in certain areas of its traditional wireline division, which saw a decline in the first quarter. If the company is unable to reach targets through the buyouts, it could resort to layoffs. Spokesman Richard Young said Verizon has asked employees to leave by mid-July.

Verizon’s announcement comes months after discussions with unions over labor contracts that cover nearly half of its 192,000 employees. In August 2011, roughly 45,000 Verizon employees went on strike after the company insisted on cuts in healthcare benefits and pension funds when contracts with two major unions expired. Young said that when Verizon offered similar packages in the past, the company was able to avoid involuntary layoffs because enough employees took the buyout. He did not say what the buyout packages consisted of.