Forget Layoffs: Its Bonus Time at Verizon Wireless

Verizon Wireless employees are heading into the weekend with some fat cash.

Employees were scheduled to receive bonuses this week that were between 8 and 10 percent of their base salary, the Rochester Democrat and Chronicle reported.

Verizon Wireless spokesman John OMalley told the Rochester Business Journal that bonuses are paid annually based on the companys performance and an employees individual performance during the last year. OMalley also said employees would receive in coming weeks merit raises and profit-sharing awards comprising 2.5 percent of employees annual salaries.   

A joint venture of Vodafone Group PLC and Verizon Communications, Verizon Wireless is one of the two largest U.S. mobile operators and serves approximately 94.1 million customers. 

The companys co-parent, Verizon, is not exactly hurting for dough. New York-based Verizon has posted a combined profit of $21.8 billion over the last two years.