WASHINGTON -- Verizon, the International Brotherhood of Electrical Workers (IBEW) and the Communications Workers of America (CWA) in New York and New England announced today a tentative agreement on new contracts. Meanwhile, negotiations continued with the CWA in the Mid-Atlantic States, and the company said it hopes to reach an agreement shortly.
The proposed three-year contracts cover more than 50,000 union-represented employees in New York and New England. These employees will return to work starting tomorrow (8/21), ending a 15-day strike. More than 35,000 employees represented by the CWA in the Mid-Atlantic States remain on strike.
The agreement would provide a 12 percent increase in wages over the life of the contracts, improvements in pensions and other benefits and continuation of strong job security protections.
"The proposed agreement gives Verizon the flexibility we need to thrive in a highly-competitive, national marketplace," said Lawrence T. Babbio Jr., vice chairman and president-Verizon Communications. "We will be able to raise our standards and productivity so that we can meet the increasingly sophisticated demands of our customers and provide them with the most technologically-advanced products and services.
"Our management team has done an outstanding job helping to keep the business running during the strike. We look forward to having all of our employees back on the job to serve our customers," said Babbio.
Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with more than 100 million access line equivalents and 25.6 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com .