Strike Averted: Verizon, Unions Agree on New Contract

Verizon won't have to worry about 65,000 workers striking, as it came to an agreement with two unions on a new 3-year contract with a total of 10.5% in wage increases and changes to retirement benefits. While the sides negotiated past its original deadline last week, recently, labors leaders were unhappy with talks, setting a new deadline of 12:01 a.m. today. The Communications Workers of America said it was a "breakthrough agreement" that "provides a framework for growth at Verizon and a good standard of living with careers for our members." The International Brotherhood of Electrial Workers cited how it protects former employees, too--one big part is that Verizon will still to "pay 100 percent of current workers’ and retirees’ health premiums."