PPL Corp.
and International Brotherhood of Electrical Workers Local 1600 came to a
tentative agreement Saturday on a new three-year labor contract, a day before
the previous one was set to expire.
The deal
calls for 7.75 percent wage increases over the life of the contract and still
must be ratified by the union. Until it is ratified, the deal allows for the
extension of the old contract to keep business moving, according to a news
release from PPL.
The
agreement also calls for a new retirement savings program for future employees,
changes in health care benefit options that reflect the competitive market and
work rule changes that provide for increased workforce flexibility and
versatility, according to the release.
A call to
PPL seeking more detail was not returned this morning.
IBEW
represents about 3,000 workers at PPL Electric Utilities, power plants owned by
PPL companies in Pennsylvania, and various PPL corporate services groups,
according to the release.
PPL
reported 2013 revenues of $12 billion. The PPL family of companies delivers
electricity and natural gas to more than 10 million customers in the United
States and United Kingdom, owns more than 18,000 megawatts of generating
capacity in the United States and sells energy in key U.S. markets.
The
company trades its shares on the New York Stock Exchange under the ticker PPL.
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