Verizon Strike Appears Near End After Unions, Management Reach Agreement In Principle

Image courtesy of seth albaum

After more than six weeks, thousands of striking Verizon workers may be heading back to work soon. According to Labor Secretary Thomas Perez, the telecom giant and union leaders have reached an agreement in principle.

In mid-April, around 39,000 Verizon employees — members of the Communications Workers of America and the International Brotherhood of Electrical Workers unions — went on strike as contract negotiations fell apart, affecting millions of landline phone and FiOS customers in the Mid-Atlantic and Northeast.

“Today, 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,” said Perez in a statement Friday afternoon. “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.”

Perez did not disclose any of the terms of the agreement, but did praise both labor and management for working with federal regulators over the last two weeks to reach this point.

“The parties have a shared interest in the success of Verizon and its dedicated workforce,” says the Secretary. “Indeed, these two interests are inextricably intertwined.”

Perez says he expects the striking Verizon workers to be back at work in the coming week.