posted on Sep, 19 2012 @ 04:45 PM
Verizon announced today it has reached a tentative deal with their two main union shops on a new 4-year contract covering over 40,000 union
At stake were (1) the pension (2) wage increases (3) medical benefit payments, etc.
The bottom line is Verizon is trying to stay more competitive with other companies and cut costs but the unions want to maintain control and still
enjoy the perks they have had for decades. Looks like the union won part of the deal and the company has made some inroads, although the benefits for
them are probably more intermediate to long term.
Verizon Announces agreement on East
Verizon originally pushed for a pension freeze for current workers, significantly higher employee contributions for health coverage, an end to all
job security provisions and freedom to do as much outsourcing as it wanted. As part of the deal, union officials said, the company will maintain the
same level of health coverage and the workers will pay 20 percent of their overall health coverage costs, roughly double the old percentage. That
provision is expected to increase out-of-pocket health care costs for family coverage by more than $1,000 a year.