Ahead of planned layoffs next year, pharma giant Pfizer is offering buyouts to U.S. employees in the form of an early retirement program, according to CNBC.
While the drugmaker didn't disclose the number of people it plans to lay off, the company told employees in a memo that all business units will likely lay off nonunion workers.
"As we prepare for growth we are creating a simpler more efficient structure which will affect some managerial roles and responsibilities. We are offering enhancements to certain benefits to lessen this effect," Pfizer spokesperson Sally Beatty told CNBC.
In July, Pfizer announced plans to reorganize into three units: a science-based innovative medicines business; an off-patent branded and generic established medicines business; and a consumer health business. The layoffs are part of this restructuring.
Employees eligible for the early retirement program must be at least 55 years old and have at least 10 years of service at the company. The program will offer severance packages that pay a base salary of 12 weeks, plus three weeks of salary for each year the employee worked with Pfizer, capping at 104 weeks.
Employees that volunteer for the buyout can take any vested equity with them and will have health insurance and other benefits for up to three years.
Employees have until Nov. 2 to opt into the early retirement program. Their last day at the company would be Dec. 31.