Verizon says more than 10,000 employees have been approved to receive the company's voluntary buyout offer.
That's about 7 percent of the company's workforce. Verizon says the severance packages are part of a plan "to optimize growth opportunities in the 5G era."
The telecommunications company offered the buyout to 44,000 managers earlier this year as part of a $10 billion cost-cutting plan.
Employees who volunteered and were accepted could receive up to 60 weeks' salary as well as bonuses and benefits. All of the 10,400 managers chosen will transition out of their roles by June 2019.