Unionized Verizon (NASDAQ: VZ) workers who had been striking since mid-April will return back to work this week after negotiating a healthy pay raise and bonus.
The Communications Workers of America said workers will receive a $1,250 U.S "signing bonus" and a 3% raise. The deal with Verizon must still be ratified by workers.
In total, workers can expect a raise of nearly 11% over the next four years and hundreds of dollars in profit sharing payments, the union said.
As part of the deal, Verizon also committed to hire 1,400 new employees, with the vast majority set to be based in call centers on the East Coast.
Most of the employees represented in the labour negotiations work in call centres and maintain the Verizon fiber optic network, called FiOS.
U.S. Labor Secretary Thomas Perez had to intervene as the dispute dragged on.
The main sticking points were working conditions, call centre closures, pensions and jobs getting shipped overseas.
The strike was the biggest in the U.S. since a similar Verizon dispute five years ago.
Verizon shares opened Tuesday up four cents from Friday's close at $50.66 U.S., within a 52-week trading range of $38.06 to $54.49 U.S. Markets in the U.S. were closed Monday for Memorial Day
