Verizon Offers Buyout to 74,000 Managers

Verizon Communications has offered a voluntary severance package to its 74,000 nonunion management employees, part of a bid to slash costs.

The package comes less than a month after Verizon averted a strike by its 78,000 union workers with a five-year contract that failed to produce many of the cost-saving provisions the company sought.

A separate buyout offer will be made to at least 12,000 retirement-eligible union technicians and call center operators upon ratification of their new contract, possibly next month.