Canadian telecommunications firm Rogers Communications (RCI) has offered voluntary buyout packages to 10,000 employees as it looks to cut costs and improve its finances.
The packages allow employees to opt for a buyout or retirement, depending on how many years of service they have with the Toronto-based company.
However, Rogers said that its unionized workers are not eligible for the buyout packages, and neither are on-air talent and employees working for the Sportsnet network.
The workforce reduction comes after Rogers recently cut its capital expenditure plans by 30% compared with last year.
The company now expects to spend between $2.5 billion and $2.7 billion this year, down from an earlier forecast of up to $3.5 billion.
Rogers has said that it is struggling with increased competition in the wireless internet market, which is aimed at boosting competition and lowering prices for consumers.
Regulator the Canadian Radio-television and Telecommunications Commission (CRTC) has tried to boost competition by allowing smaller carriers to use larger networks for a fee.
At the start of this year, Rogers Communications had about 25,000 employees in Canada.
RCI stock has declined 26% over the last five years to trade at $36.53 U.S. per share in New York.
