MYRTLE BEACH, S. C. - Verizon and the International Brotherhood of Electrical Workers, Local 1431, have reached a tentative agreement on a new three-year contract that calls for wage increases and improved benefits.
The contract covers approximately 240 Verizon technicians and representatives in the company's Network Services and Retail Markets departments. The union will present the tentative agreement to its membership for a ratification vote, with results due by March 22.
If approved, the new contract would replace an agreement that expired on Saturday. The company and the union began bargaining here on Feb. 23.
"This agreement continues Verizon's commitment of providing quality benefits and wage packages to its employees," said Nina Scott, Verizon Labor Relations manager, who led the company's bargaining team. "The company and union bargaining teams are to be commended for achieving an outcome that meets both the operational and cost-containment requirements of the company and the financial, health and welfare needs of employees and their families."
The new contract, which will run through March 17, 2007, will include a 12-percent general wage increase over the life of the agreement. General improvements have been made in short-term disability plans, medical, dental and vision coverage, the savings plan and holiday allowance. The new agreement also includes the establishment of a tuition assistance plan for employees.
A Fortune 10 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services, with approximately $68 billion in annual revenues. Verizon companies are the largest providers of wireline and wireless communications in the United States. Verizon 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.