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Pastimes : Layoff Totals for US Companies -- Ignore unavailable to you. Want to Upgrade?

To: Joe S Pack who wrote (3005)	10/1/2003 12:23:13 PM
From: Bucky Katt	Respond to of 8051

74,000 Verizon managers offered buyout> Verizon Communications Inc. has offered a voluntary severance package to all of its 74,000 non-union management employees, part of a bid to slash costs as competitors and rival technologies nibble away at the company's core telephone business. The buyout package, offered to managers two weeks ago and confirmed Tuesday, comes less than a month after Verizon averted a strike by its 78,000 union employees by agreeing to a five-year contract that does not include many cost-saving changes sought by the company. Verizon had mentioned employee buyouts as a cost-cutting measure last week, when the company warned investors that it would not meet profit forecasts for the remainder of 2003. Spokeswoman Sharon Cohen-Hagar said Verizon expects "several thousand" managers to accept the package, which includes two weeks of pay for each year of employment up to 35 weeks, plus a bonus ranging from $15,000 to $30,000. A typical manager may earn $75,000 a year in salary. The managers will have until Nov. 14 to decide whether they want to accept the severance deal. Those who accept will end their employment on Nov. 21. A separate buyout offer will be made to at least 12,000 retirement-eligible union technicians and call-center operators. The new accord preserved long-standing protections against layoffs and non-consensual transfers to different cities or regions, which Verizon had been determined to eliminate. Message 19359192