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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verizon Communications Inc | NYSE:VZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.1498 | -0.38% | 39.1802 | 39.58 | 39.09 | 39.53 | 6,328,294 | 19:50:20 |
NEW YORK, June 22, 2015 /PRNewswire/ -- Proposing a solid wage increase up front, Verizon held its first negotiating session today with representatives of the Communications Workers of America and the International Brotherhood of Electrical Workers on contracts covering approximately 38,000 Verizon East Wireline Employees. The proposed wage increase is part of a competitive and comprehensive three-year offer submitted by Verizon to address issues that would help propel the company's Wireline unit in the digital age.
"Our goal this contract cycle is simple: To work from day one with union leaders on ways that will help our Wireline business succeed, in an ever-changing communications arena, in the years to come," said Robert Mudge, Verizon's executive vice president for wireline operations. "We've put a comprehensive offer on the table to encourage a substantive and productive dialogue on the issues as early in the process as possible. We are committed to negotiating meaningful changes."
The company's comprehensive offer includes several key proposals:
"More than ever, we need contractual changes that position us to compete with new and emerging technologies," said Tami Erwin, president of Verizon's Consumer and Mass Business unit. "American consumers are communicating in new and innovative ways. The way we work and respond to our customers demands flexibility. Our contract rules and provisions need to be updated to reflect those changes."
Mudge added: "No company anywhere has invested more in providing fiber-optic networking all the way to customers' homes. Transforming this part of the business will position us for future growth. The reality, however, is that our cost structure has not changed nearly fast enough to align with today's market realities and customer needs."
Verizon's union-represented employees in the East work under 27 collective bargaining agreements in nine Eastern states and Washington, D.C. The current contracts expire Aug. 1, 2015. Negotiations can be lengthy. The process lasted 15 months in 2011-12.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with 108.6 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide. A Dow 30 company with more than $127 billion in 2014 revenues, Verizon employs a diverse workforce of 176,200. For more information, visit www.verizon.com/news/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts and other information are available at Verizon's online News Center at www.verizon.com/news/. The news releases are available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/verizon-offers-raises-to-38000-employees-300102940.html
SOURCE Verizon Communications Inc.
Copyright 2015 PR Newswire
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