Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced today that it has reached a tentative agreement with the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) on new, three-year contracts for about 43,000 East wireline associates. The agreement is in the process of being signed.
"We believe this is a fair and balanced agreement that is good for our employees as well as for the future of the Wireline business," said Marc Reed, Verizon's chief administrative officer. "It provides competitive wages, valuable benefits and affordable quality health care while giving the company new flexibility to better serve customers and become more efficient."
The agreement was achieved through lengthy negotiations and mediation conducted under the auspices of the Federal Mediation and Conciliation Service (FMCS).
The unions will submit the agreement to their members for a ratification vote. If approved, the agreement will run through Aug. 1, 2015.