Verizon Communications Inc., the
biggest U.S. local-telephone company, reached a settlement with
unions that limits the cost cuts it needs to compete with non-
union cable rivals such as Comcast Corp.
The accord, agreed to yesterday after three months of
negotiations, curbs New York-based Verizon’s plans to fire and
transfer employees. The company said the concessions were needed
to transform into a provider of broadband Internet and video
services. Customers have disconnected 7 million local lines in the
last three years.
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Under the five-year contract with the Communications Workers
of America and the International Brotherhood of Electrical
Workers, Verizon capped the pace of health-care cost increases and
won new powers to fire future hires. In exchange, it agreed to
raise wages 8 percent in four years and backed off the job-transfer flexibility it sought.
Bloomberg News
