The Communications Workers of America and International Brotherhood of Electrical Workers reported the settlement preserves fully-paid health care premiums for all active and retired employees. Future hires will have a defined contribution formula for retirement health care with the amount of Verizon’s contributions subject to negotiation in each subsequent contract, according to a press release.
In addition, Verizon agreed to work with the unions in a joint effort to achieve meaningful health care reform, with the company providing funding of $2 million per year to the project.
The new pact calls for wage increases totaling 10.87% compounded over the three-year contract term as well as pension band increases of 10.87% compounded over the term of the agreement.
Verizon has also agreed to extend union recognition to 600 former MCI technicians at Verizon Business who have been seeking representation for nearly two years, the press release said.
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