FORT WAYNE, Ind. - Verizon and the International Brotherhood of Electrical Workers (IBEW) Local 723 have ratified three new, five-year labor contracts in Indiana.
The new contracts cover approximately 900 hourly-paid employees in several job titles across different departments within the wireline part of the company.
The agreements provide for a one-time, 4 percent lump-sum payment and general wage increases totaling 10.5 percent over five years.
Capitalizing on their strong relationship, Verizon and IBEW Local 723 began negotiating three months before the current contracts expire this November and reached a tentative agreement on the three contracts last month. "The new agreement demonstrates that our partnership with the IBEW is solid," said Tim Minear, Verizon's manager of labor relations in Indiana and chair of the local Verizon bargaining committee. "The new contracts improve wages and deliver a strong overall benefits package for our employees.
"The five-year contracts will provide valuable stability for both employees and Verizon," said Minear. "It also will position us to continue delivering outstanding service to our customers and outstanding value to our shareholders."
The contracts will go into effect Nov. 5 and extend through Nov. 5, 2011. In addition to the general wage increase, the new agreements include:
- An increase in the company's health care contribution for retirees and part-time employees.
- An additional personal holiday.
- Improvement in bereavement language.
- Overtime requests made by seniority.
- Scheduling for weekend relief.
- New benefit improvements.
- Increases in pension minimum based on an employee's length of service.
Verizon Communications Inc. (NYSE:VZ), a Dow 30 company, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving nearly 55 million customers nationwide. Verizon Business operates one of the most expansive wholly-owned global IP networks. Verizon Telecom is deploying the nation's most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. Based in New York, Verizon has a diverse workforce of more than 252,000 and generates annual consolidated operating revenues of approximately $90 billion. For more information, visit www.verizon.com.