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Verizon Workers Reach 4-Year Tentative Pacts

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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 employees.

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 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.

Verizon Announces agreement on East Contract

posted on Sep, 19 2012 @ 05:57 PM
This is an interesting topic, i must look more into it as soon as i return home to my computer.

Marking this now to remind me later

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