|By PR Newswire||
|February 18, 2014 10:03 PM EST||
UNIONDALE, N.Y., Feb. 18, 2014 /PRNewswire/ -- PSEG Long Island announced today it reached a tentative agreement on a contract extension with its labor union, Local 1049 of the International Brotherhood of Electrical Workers, one of the largest private sector labor unions on Long Island.
"This contract extension is the first step to providing my membership with the security of a fair contract," said Don Daley, Jr., business manager for Local 1049 of the IBEW. "Resolving this labor contract helps us provide Long Island electric customers with a dedicated and reliable workforce, while delivering excellent service."
"The agreement provides continued stability and strengthens the partnership between the company, its employees and IBEW Local 1049," said David Daly, president and chief operating officer of PSEG Long Island. "We value our partnership with Local 1049 and look forward to working with them to achieve PSEG Long Island's objective of delivering outstanding service to our customers."
The proposed 21-month agreement, which is subject to a ratification vote by IBEW Local 1049 membership in the coming weeks, covers nearly 1,400 PSEG Long Island employees who operate and support the Long Island transmission and distribution system. The agreement calls for annual incremental increases in base wages of two percent, effective February 14, 2015, and 2.25 percent, effective February 14, 2016. Additionally, the agreement would deliver a lump sum bonus of $500 per member, to be paid February 1, 2015.
The agreement replaces a contract that would have expired February 13, 2015, and will run through November 12, 2016.
PSEG Long Island LLC was selected by the Long Island Power Authority (LIPA) in Dec. 2011 to manage LIPA's electric system. The 12-year contract includes commitments to improve customer satisfaction and provide safe, reliable service for LIPA customers. PSEG Long Island is a subsidiary of Public Service Enterprise Group Incorporated (NYSE: PEG), a publicly traded diversified energy company with annual revenues of approximately $10 billion.
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SOURCE PSEG Long Island