IBEW Local 543 (San Bernadino CA) Signs 5-Year Agreement with Verizon

Associated Press
Verizon Signs California Labor Contract
Wednesday April 20, 4:12 pm ET
Verizon Communications Signs Tentative Labor Agreement With 650 California Workers

THOUSAND OAKS, Calif. (AP) -- Verizon Communications Inc. on Wednesday said it reached a tentative agreement on a five-year labor contract with 650 hourly workers in California, represented by the International Brotherhood of Electrical Workers Local 543.

On April 15, both sides agreed to a contract providing a 4 percent payment to union employees on Sept. 18, and to raise base wages 1 percent in the first year, 2 percent in the second year, and then 2.5 percent in the third, fourth and fifth years of the contract.

The agreement -- which covers employees across various departments within the wireline part of the phone company -- is similar to a 6,500-worker contract signed with the Communications Workers of America in December.

Upon ratification by the workers, which is being unanimously recommended by the union's bargaining committee, the new contract will run through Sept. 11, 2010. Ratification is expected within the next few weeks, the company said.

Verizon shares fell 39 cents to $33.77 on the New York Stock Exchange.