10.02.2003|Corporate

Verizon Logistics and IBEW Local 824 Reach Tentative Agreement on New Contract in Florida

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TAMPA, Fla. - Verizon Logistics and the International Brotherhood of Electrical Workers (IBEW) Local Union 824 have reached a tentative agreement on a new three-year contract that provides for an immediate 4 percent wage increase, a 3 percent lump-sum payment in 2004 and a 4 percent wage increase in 2005.

The agreement, which also includes improved benefits and a continuation of provisions in the existing contract, will cover 122 Verizon employees in Florida who provide supplies and equipment repair for telecommunications services in the state.

IBEW Local 824 leadership will mail the tentative agreement to those employees for ratification during the next two weeks. The vote will be completed by Oct. 17. Ratification requires a simple majority of those voting. Once ratified, the new contract will go into effect as of Oct. 5 and run through Sept. 30, 2006.

In addition to the general wage increase, the proposed contract includes:

  • A team performance incentive plan that provides additional payments to employees for meeting higher service, performance and other standards.

  • Benefit enhancements for medical, vision and dental plans.

  • Improvements to the family medical leave plan.

Verizon Logistics provides material planning, warehousing and distribution for telecommunications services in Florida.

A Fortune 10 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services, with approximately $67 billion in revenues and 221,000 employees. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 137.6 million access line equivalents and 34.6 million Verizon Wireless customers. Verizon is the third largest long-distance carrier for U.S. consumers, with 14.6 million long-distance lines. The company is also the largest directory publisher in the world, as measured by directory titles and circulation. Verizon's international presence includes wireline and wireless communications operations and investments, primarily in the Americas and Europe. For more information, visit www.verizon.com.

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