AT&T, CWA Tentatively Agree to New Labor Contract

AT&T Inc. (T) and the Communications Workers of America (CWA) have breached their impasse. In the Midwest, at least.

The service provider and the union said Wednesday they’ve reached a tentative agreement on a new contract for 18,500 workers.

AT&T CEO Randall Stephenson called the deal “fair and balanced.”

“These were tough negotiations in difficult economic times and amidst major changes in our wireline business,” Stephenson said in a prepared statement.

The contract would stand for three years, and would include annual pay and pension contributions for future retirees. However, AT&T employees would pay more for their health care coverage.

CWA members are expected to vote on the proposed settlement soon. AT&T and CWA are still wrangling over labor agreements for about 101,500 other workers. They’ve been going in circles since about February of this year.

AT&T’s shares had risen nearly 2 percent about an hour before Wall Street’s close.

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