Consolidated Edison and its largest union are expected to agree on Aug. 15 to proposed contract terms, according to Utility Workers Local 1-2 spokesman John Melia.
Last Thursday, with reports of a tornado that never came, Gov. Cuomo had Local 1-2 and Con Ed representatives tentatively agree on a four-year contract and put locked out employees back to work after three weeks. If it is formally agreed on, Con Ed workers will see a wage increase of 12 percent over four years. The retirement age will also stay at 55 instead of changing to 60.
A sticking point in talks had been pensions. Those will remain for members who were hired before July 1 and cannot be revisited for 25 years. People hired after July 1 will receive a cash balance. That is similar to a 401(k), in which employee-contributed funds will be matched by the company 100 percent.
“Clearly a win for the union,” Melia said.
The city’s power operator locked out 8,000 of its employeeson July 1 when Local 1-2 refused to give the company notice on when it may strike.