FORT WAYNE, Ind. - Verizon and the International Brotherhood of Electrical Workers (IBEW) Local Union 723 have reached an early tentative agreement on three new labor contracts. The contracts provide for a 12 percent wage increase over three years and cover 962 Verizon employees throughout Indiana.
Capitalizing on their strong relationship, Verizon and IBEW Local 723 began negotiating six months before the current contracts expire this November.
"Reaching an early tentative agreement demonstrates that our partnership with the IBEW is solid," said Barbara Sullivan, Verizon's regional manager of labor relations. "We and the IBEW are committed to keeping Verizon strong for the future to the benefit of employees and our customers who depend on us for reliable, high-quality service.
"These three-year contracts meet the wage and benefit needs of our employees while providing Verizon with the work rule flexibility and expense controls necessary to meet and exceed our customers' expectations in today's highly competitive telecommunications marketplace," said Sullivan.
IBEW Local 723 leadership plans to present the tentative agreement to its membership for ratification during the next several weeks, said Ron Bame, business manager and chair of the IBEW bargaining committee. Ratification requires a simple majority of those voting. Once ratified, the new contracts will go into effect Nov. 9. In addition to the general wage increase, the proposed contracts include:
A Fortune 10 company, Verizon Communications (NYSE:VZ) 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 136.6 million access line equivalents and 33.3 million Verizon Wireless customers. Verizon is the third-largest long-distance carrier for U.S. consumers, with 13.2 million long-distance lines, and the company is also the largest directory publisher in the world, as measured by directory titles and circulation. With approximately $67 billion in annual revenues and 227,000 employees, Verizon's global presence extends to the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.