40,000 Verizon employees go on strike in U.S.

40,000 Verizon employees go on strike in U.S.

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Nearly 40,000 Verizon employees in nearly six American states have been reported to opt strike following a failure to yield any sort of settlement for contract negotiation.The unions organizing such an action represent network technicians and customer service (source: British Broadcasting Corporation).

INSIGHT: The reason behind strike: Union employees have been void of contract since August 2015. On a similar note, negotiations regarding cutting off healthcare alongside giving pension benefits to employees have not been concluded since three years of time-span.

“It’s regrettable that union leaders have called a strike, a move that hurts all of our employees.” – Verizon’s chief administrative officer.” Marc Reed

UPDATE: Verizon has asked the Federal Mediation and Conciliation Service to step in for a resolution to this specific case.

Bernie Sanders – one of the presidential candidates – had spoken high for *protestors in New York, saying that they are “standing up to this powerful special interest”.

(*Members of the Communications Workers of America and the International Brotherhood of Electrical Workers)

Upon this, Verizon termed the strike as ‘regrettable’ claiming it to have brought in 10,000 non-union employees.

“There’s no way that these 10,000 people can make up for 40,000 people who have decades of experience [in highly technical jobs].” – Communications Workers of America, Bob Master

The strike could affect Verizon’s television, phone and Fios Internet businesses. However Verizon wireless – that contributed in generating approximately 29% of 2015-Revenue -is less likely to get affected.

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I cover technology, utilities and biotechnology for Markets Morning, and I help out occasionally with other industry sectors. I've written about investment and personal finance topics for more than 20 years from a lowly copywriter to editor-in-chief, so I've done a little bit of everything. For what it's worth, I have a BA from Duke University and an MBA from Rollins College. I'm married with one daughter, and that's worth more than everything else put together.

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