Verizon Finally Reaches Labor Agreement With Union

Verizon on Thursday struck a potential deal with various unions that represent the company’s 43,000 wireless employees. The three year agreement covers retirement benefits, job security and long-distance transfers among other stipulations that have not been released to the public.

Union bosses will not present the new deal to their member and if approved the deal will run through August 2015.

You may recall that in 2011 Verizon employee were engaged in a two-week strik that eventually led to government intervention to keep the company operating. The strike at the time was focused on health care benefits, pensions, and on-the-job rules and regulations.

Negotiations in late July failed which led to mediated talks with The Communication Workers of America and the International Brotherhood of Electrical workers.

According to director of the Federal Mediation & Conciliation Service George H. Cohen:

“After more than one year of direct negotiations, the parties entered mediation essentially at a standstill on a score of significant core issues. Ultimately, however, the parties committed to a problem-solving mindset which paved the way to their achieving a comprehensive agreement.”

Also calling the new deal a fair offer is Verizon’s chief administrative officer Marc Reid who notes:

“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.”

Reid also mentions that the new contract “provides competitive wages, valuable benefits and affordable quality health care while giving the company new flexibility to better serve customers and become more efficient.”