AT&T Reaches Agreement with Unions, Wages & Pensions Increase

AT&T reached tentative agreements with the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) on a contract extension covering about 22,000 employees. Main points of the tentative contracts include wage increases (1.5% in November 2003, 1.5% in May 2004, 1.5% in November 2004 and 1.25% in May 2005) and a pension increase of 5% plus a 4.5% interest credit on cash balance retirement accounts. All other provisions of the current contract agreements remain intact, including medical plans for active employees and retirees. Union ratification is expected to occur over the next few weeks.
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