Verizon Reaches Tentative Contract With Union Workers

Verizon shares were up slightly on Tuesday after the telecom company reached a tentative contract with workers over the holiday weekend.
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Verizon (VZ) - Get Report shares were up slightly on Tuesday after the telecommunications company reached a tentative contract with workers over the holiday weekend. Nearly 40,000 workers had been on strike and with the new deal they are set to return to work on Wednesday. The strike began in mid-April. The agreement includes 1,300 call center jobs and will give them roughly 11 percent in raises over four years. That's up from the 6.5 percent increase that Verizon had proposed before the strike. The pact will also alter the company's health care plan in order to save Verizon money. The Fill or Kill team has been keeping a close eye on the Verizon deal, which still has to be approved by union members. According to The New York Times, the workers will likely vote on the agreement in the next two or three weeks. James Passeri has details from Wall Street.

This article was written by a staff member of TheStreet.