Con Edison Media Relations
July 10, 2012
CON EDISON PRESENTS NEW OFFER TO LOCAL 1-2
NEW YORK – The following are highlights of a contract proposal Con Edison presented to leaders of UWUA Local 1-2 today for its 8,000 members employed by the company:
- Wage increases of more than 10 percent over four years.
- Further wage increases will be available for employees who have not yet reached the maximum rate of pay in their job title.
- Maintain current defined benefit pension formulas for all employees hired before July 1, 2012.
- Apply cash balance defined benefit pension formula for employees hired after July 1, 2012.
- Increase the “Participating Contribution” (employee contributions that are matched by the company) to the Thrift Savings Plan, or 401(k), that may be elected by employees.
- Four existing company holidays may be exchanged for a different day off.
- Employee contributions to health care plans will remain at 17 percent for the first year of the contract, growing to 24 percent by the fourth year.