Verizon Strike Could End as Tentative Agreement Reached

U.S. Secretary of Labor Thomas Perez has announced that Verizon and its nearly 40,000 striking workers have reached a tentative agreement that would secure a four-year contract for employees.

Perez released the following statement:

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. 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.

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

This tentative resolution is a testament to the power of collective bargaining. I commend the leadership of Verizon, CWA, and IBEW for their commitment to resolving these difficult issues in the spirit of constructive engagement.

I expect that workers will be back on the job next week.

The workers have been on strike since April 13, in the largest U.S. work stoppage since 2011.