New York - Averting a potentially crippling strike, Verizon Communications (NYSE: VZ) said that it has reached a tentative three-year deal with a pair of unions representing 65,000 of its workers.

The contracts, with the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW), primarily affect employees in the company's Verizon Telecom business group in 10 Northeastern and Mid-Atlantic states and Washington, DC.

The deal, replacing a five-year contract signed in 2003, will be presented to covered employees as part of the ratification process.

It included wage increases that total 10.5% over three years.

"From the start, our goal has been to continue to provide our employees with a package of competitive wages and benefits," said Marc Reed, Verizon's executive vice president of human resources.

The news helped drive Verizon's shares up 2% in Monday's trading.

Related Links:
http://snipurl.com/3ev2u