With layoffs looming, Pfizer has reportedly offered eligible employees in the U.S. a severance package if they retire early.
According to a report in CNBC, the company sent out a memo saying that employees who are 55 and older that have been with Pfizer for at least 10 years could choose to voluntarily leave the company and be given their base salary for 12 weeks and then three weeks of salary for every year they worked, up to 104 weeks. They would also be allowed to receive benefits like health insurance for up to three years.
In July, Pfizer announced that it plans to break into three units and separate its consumer health business. Job cuts are planned as part of the wider restructuring strategy. Pfizer, which employs 90,000 in the U.S., has not said how many employees will be let go, but that layoffss will start with nonunion workers.
In its memo, the company said it aims to “create a simpler and more efficient organization.”
Read the full CNBC report.