Verizon Union Employees Ratify New Contracts
June 17 2016 - 5:16PM
Dow Jones News
By Ezequiel Minaya
Verizon Communications Inc. on Friday said its labor unions'
rank-and-file employees have approved new contracts tentatively
agreed to by negotiators in May.
Union leaders from the Communications Workers of America and the
International Brotherhood of Electrical Workers told Verizon the
contracts, which cover some 36,000 employees, have been ratified,
Verizon said.
"The terms are good for our employees, good for our customers
and good for our business," said Marc Reed, Verizon's chief
administrative officer.
The contracts, which run through Aug. 3, 2019, go into effect
immediately, Verizon said.
In May, the two sides agreed to terms through a mediation led by
U.S. Labor Secretary Thomas Perez, putting an end to a strike that
began April 13 and involved employees primarily in Verizon's
landline division.
The strike contributed to the weakest monthly gain in more than
five years for the U.S. job market. The May payrolls tally was
depressed by the temporarily idled 35,100 Verizon workers during
the Labor Department's survey period. With those workers back at
work, a rebound is expected in the June jobs report.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
June 17, 2016 17:01 ET (21:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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