STRIKE AVOIDED!

Verizon said it has reached tentative agreements on three-year contracts with the Communications Workers of America and the International Brotherhood of Electrical Workers. The two unions represent about 65,000 employees.

The tentative agreement will be presented to covered employees as part of the ratification process. The contracts include wage increases that total 10.5 percent over three years, said Verizon in a statement.

Union leaders and Verizon had failed to strike an agreement last week, and had extended talks, setting Sunday night as the new deadline.

Verizon has about 103,000 workers in its telecom unit which provides residential and small business telephone, broadband and video services.

Will be interesting to see the details of the contract–will the workers be screwed as with previous contracts in other industries?