Verizon, striking unions reach deal for 4-year labor agreement

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Verizon and it's striking unions reached a 4-year deal.

Verizon and striking unions have reached a deal in principle on a four-year labor agreement that will get workers off the picket lines and back on the job.

"I am pleased to announce that the parties have reached an agreement in principle on a four-year contract, resolving the open issues in the ongoing labor dispute between Verizon's workers, unions, and management," U.S. Secretary of Labor Thomas Perez said in a statement. "The parties are now working to reduce the agreement to writing, after which the proposal will be submitted to CWA and IBEW union members for ratification."

About 39,000 landline and cable workers across nine states walked off their jobs last month, claiming the company wanted to freeze pensions, make layoffs easier and rely more on contract workers.

"Throughout the past 13 days of negotiations at the Department of Labor, I have observed firsthand the parties' good faith commitment to narrowing differences and forging an agreement that helps workers and the company," Perez's statement said. "The parties have a shared interest in the success of Verizon and its dedicated workforce. Indeed, these two interests are inextricably intertwined."

Perez said he expects workers will be back on the job next week.
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