Verizon Communications Inc. said on Monday that about 10,400 employees will be leaving the U.S. wireless carrier by mid next year as part of the company's voluntary separation program.

The New York-based company has been looking at cutting costs as it ramps up investment in its next generation 5G network, which is expected to fuel growth. The company has said it was on track to reach $10 billion in cumulative cash savings by 2021.

As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon (VZ) said.

"This program coincides with Verizon's recently announced realigned organization structure designed to optimize growth opportunities in the 5G era," the company said.

The company said it had 152,300 employees at the end of the third-quarter ending Sept. 30.