WASHINGTON -- Verizon Communications, the International Brotherhood of Electrical Workers (IBEW) and the Communications Workers of America (CWA) in New York and New England announced late yesterday a tentative agreement on new contracts that will enable the company to raise its standards of service while addressing issues of concern to union-represented employees. Meanwhile, negotiations continued with the CWA in the mid-Atlantic states, and the company said it hopes to reach an agreement shortly. "The proposed agreement gives Verizon the flexibility we need to thrive in a highly-competitive, national marketplace," said Lawrence T. Babbio Jr., vice chairman and president-Verizon Communications. "We will be able to raise our standards and productivity so that we can meet the increasingly sophisticated demands of our customers and provide them with the most technologically-advanced products and services." The proposed three-year contracts will enable employees to participate in high-tech growth areas of the company, such as high-speed data. In addition, it provides a competitive package of pay and benefits, including wage increases totaling 12 percent over the life of the contracts. "We believe this agreement is affordable and prudent and will not affect Verizon's financial targets," Babbio said. "We apologize to any customers who have been inconvenienced by the strike, and we look forward to having all our employees back on the job." The proposed contracts cover more than 50,000 union-represented employees in New York and New England. These employees will return to work today, ending a 15-day strike. More than 35,000 employees represented by the CWA in the Mid-Atlantic States remained on strike. Provisions of the contracts include: Also, the reimbursement for adoption expenses will be doubled to $10,000; the age limit for dependent medical coverage will be extended to 25 years from 23 years for full-time students; survivor benefits will be improved, and improvements will be made in dental and medical benefit plans. Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, 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 more than 100 million access line equivalents and 25.6 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com .
Verizon Announces Details of Agreement with IBEW and CWA in New York and New England; Negotiations Continue with CWA in Mid-Atlantic States (2024)
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