Verizon Reaches Tentative Agreement with Unions, Ending Part of 15-Day-Old Strike

Strategic Insights -

Verizon Communications has agreed on new contracts with unions representing about 50,000 of its workers, partially ending a 15-day-old strike. The company reached a tentative agreement with the International Brotherhood of Electrical Workers and the Communications Workers of America in New York and New England, covering workers in these regions. The employees will return to work Monday, with company officials expressing optimism that a tentative accord with the remaining 35,000 workers in the Middle Atlantic states will be reached soon.

Key Takeaways:

  • Verizon has agreed on new three-year contracts with the International Brotherhood of Electrical Workers and the Communications Workers of America, affecting about 50,000 workers in New York and New England.
  • The agreements provide a 12 percent increase in wages over the life of the three-year contract, along with improvements in other benefits and job security protections.
  • The contracts will replace those that expired on August 6, and are expected to be ratified by the unions soon.
  • The strike has caused a backlog of about 92,000 repair requests, including those related to storm damage and vandalism.
  • Tens of thousands of orders for new phone service and high-speed Internet access have also accumulated in Verizon's primary service areas.
  • The affected regions include Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and the District of Columbia.

Statistics:

  • 50,000: Number of workers covered by the new contracts with the International Brotherhood of Electrical Workers and the Communications Workers of America.
  • 12 percent: Increase in wages over the life of the three-year contract.
  • 92,000: Number of repair requests accumulated due to the strike.
  • 30,000: Number of managers who have been filling in for the striking workers.
  • 12 states: Primary service areas affected by the strike, including New York, New Jersey, Massachusetts, and Pennsylvania.

Sources:

  • CNNfn
  • Verizon Communications