Verizon made over $6 billion last year and the concessions the company is asking for is $20k per worker which included freezing of employee pensions. Cobra insurance will be available but we all know that is expensive. According to the video they company had over 100 concessions on the table. It would be a different story if the company was not making such big profits. We also in California have a union situation at Kaiser where a re-vote is to take place to determine which union will represent around 45k employees there and their profits are also in the billion area so both labor situations taking place at very profitable companies. BD
Kaiser Permanente Union Vote With 2 Competing Labor Groups Will be Rerun for Another Vote As Ordered By National Labor Relations Board
NEW YORK (CNNMoney) -- Tens of thousands of striking workers from Verizon Communications will lose their medical benefits if they're still picketing at the end of the month, the telephone service provider said Wednesday.
"I can confirm that the 45,000 striking Verizon workers did receive a letter confirming a provision in their 2008 contract that stated in the event of a strike, medical benefits would be suspended on Aug. 31," said Verizon spokesman Richard Young.
The 45,000 union members have been picketing since Aug. 6 to protest the concessions that Verizon is trying to get from its employees. Those concessions include the elimination of two paid holidays, the freezing of pensions, the alignment of pay raises with job performance, and the union's contribution of $100 per employee towards health care premiums.
The strikers are saying that Verizon, which reported a profit of $3 billion so far this year, isn't sharing the wealth and doesn't need to belt-tighten employee benefits.