GE reaches tentative 4-year deal with unions

Reuters News
Posted: Jun 19, 2011 11:09 PM

NEW YORK (Reuters) - General Electric Co on Sunday reached a tentative, four-year national labor contract with two key unions that cover more than 15,000 GE workers.

The tentative deal follows four weeks of negotiations over issues such as healthcare costs between the largest U.S. conglomerate and the International Union of Electric Workers/Communications Workers of America (IUE-CWA) and United Electrical, Radio and Machine Workers of America (UE).

A 2007 union contract is set to expire at midnight on Sunday.

The four-year job packages provide gains in wages, pension and job and income security, the company said in a statement.

The contract provisions will also be extended to additional unions that have local contracts with GE, the company said.

"The contract also offers a special early retirement window for long-service employees," IUE-CWA said.

The agreements are subject to review by union negotiating committees and ratification by union members by June 30.

(Reporting by Renju Jose in Bangalore and Nick Zieminski in New York; Editing by Vinu Pilakkott)