How to survive layoffs and protect your finances
As more Americans lose their jobs, these tips will help you protect your finances, secure health insurance, and find your next job faster.
Verizon will lay off more than 13,000 employees companywide, CEO Dan Schulman told employees on Thursday, Nov. 20.
In an internal memo obtained by USA TODAY, Schulman informed employees on Nov. 20 that more than 13,000 employees would be laid off due to “limitations in our cost structure.” Verizon spokesman Kevin Israel told USA TODAY that the layoffs will affect about 70,000 employees, or about 20% of the company’s non-union management team. Israel added that the job cuts were not targeted at any particular area of the company.
Termination dates vary depending on state WARNING laws. However, the federal WARN Act requires employers to provide “at least 60 calendar days’ written notice” of mass layoffs.
Schulman said in the memo that Verizon has established a $20 million reskilling and career transition fund for those affected by the layoffs. Schramm said the fund will focus on “skills development, digital training and job placement to help employees take the next step.”
Verizon joins other companies in mass layoffs
Verizon is one of many companies that has recently laid off thousands of employees. Amazon announced plans to cut 14,000 corporate jobs on Tuesday, Oct. 28, while Target reportedly announced plans to cut an estimated 1,800 corporate jobs on Thursday, Oct. 23.
Overall, employers cut more than 150,000 jobs in October, the largest wave of layoffs in more than 20 years, according to a report by outplacement firm Challenger, Gray & Christmas.
Contributor: James Powell, USA TODAY
Greta Cross is USA TODAY’s national trends reporter. Story ideas? Email her at gcross@usatoday.com.
