Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

NYC and Teachers Union Reach Tentative $2.1-Billion Labor Deal

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/11/2018 | 07:54pm CET

By Leslie Brody

Mayor Bill de Blasio's administration and the New York City teachers union have reached a tentative deal on a contract after months of negotiations, officials said Thursday.

The contract with the United Federation of Teachers would give members compounded wage increases of 2% in February, 2.5% in May 2020, and 3% in May 2021. It would expire in September 2022.

City officials said the total cost of the tentative agreement through fiscal year 2022 is $2.1 billion, which would be offset by health-care savings and funding already in the City's Labor Reserve, for a new net budget impact of $572 million.

"We couldn't be happier with the outcome" of intensive negotiations, Mr. de Blasio said in a news conference. "Every conversation was about how to make schools better," he added.

The mayor said the new contract includes incentives to recruit and retain teachers in up to 180 low-performing schools with high staff turnover, mostly in the Bronx, with extra pay for hard-to-staff subjects. Union members would be eligible for an additional $5,000 to $8,000 in salary a year in these schools.

Union president Michael Mulgrew thanked city officials for showing respect to teachers and a desire to better support them, including through more professional development. "That is not a conversation you hear in many places in this country," Mr. Mulgrew said, alluding to teacher strikes for better pay in some states.

Union officials said the contract covers about 129,000 employees at the city Department of Education, including teachers, guidance counselors, classroom paraprofessionals and psychologists. The current contract expires in February.

The early settlement reflects the strong alliance between the union and mayor, in contrast to the high-conflict relationship between the union and former mayor Michael Bloomberg. The tentative deal must still be approved by the union's delegate assembly and ratified by a vote of members.

The union marked a victory in June, when it won six weeks of paid parental leave for teachers, in return for an extension of the contract by several months to February 2019.

The current nine-year contract was approved in June 2014, with retroactive pay going back to 2009, and so lasted past the date when Mr. de Blasio, a Democrat, faced re-election in fall 2017.

Write to Leslie Brody at leslie.brody@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
05:09pItaly's Conte hails EU budget deal, says govt priorities protected
RE
05:09pWALL STREET STOCK EXCHANGE : Stocks Rise Ahead of Final Fed Decision of the Year
DJ
05:08pThyssenkrupp to propose Merz as chairwoman as year of turmoil ends
RE
05:03pChina central bank unveils targeted tool to spur lending to small firms
RE
05:03pU.S. Government Bonds Tick Up as Investors Await Fed News
DJ
05:01pUber loses latest UK legal bid to block worker rights for drivers
RE
04:57pEU Approves Italian Budget Plan, Defusing Standoff
DJ
Latest news "Economy & Forex"
Advertisement