By: E&P Staff Following the vote of its board, union workers at Dow Jones gave the thumbs up to the company's proposed contract today. Members of the Independent Association of Publishers' Employees (IAPE) voted 819 to 96 in favor of the agreement, which will run through Jan. 31, 2007.
The new contract calls for general compensatory wage increases of 2.5%, 3.25%, and 3.5% effective Feb. 1, 2004, 2005 and 2006, respectively, according to a press release. In addition, the agreement calls for payments of $2,000 to eligible union employees to be paid out in late 2004 and 2005. Employees must also pay health care premiums for the first time.
"We are very pleased that the union membership has followed the lead of its board and ratified what we believe represents a fair and full resolution to many of the difficult issues we've had to face," said Peter Kann, chairman and CEO of Dow Jones & Co. in a statement. "As always, Dow Jones will continue its hard work and dedication to serve the best interests of its customers, employees and shareholders."
Those 2,600 employees who are not in the union will receive a $1,000 payment, the equivalent of union members. (Non-members received $1,000 in December 2003). About 1,600 employees in news, advertising sales, technology, circulation, and administrative areas are members of IAPE.
The deal marks the end of a contentious period between management and the union.
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