Verizon union groups hold rally at ILEC's shareholder meeting
Verizon (NYSE: VZ) workers represented by the Communications Workers of America (CWA) and other AFL-CIO unions are gathering at the telco's annual shareholders' meeting today in Huntsville, Ala., and other locations to "expose the company's greed," the unions said.
Calling the service provider "VeriGreedy," the unions argue the company's actions are having an adverse effect on consumers, employees and taxpayers. Consumers now have to pay a $30 fee to upgrade to a new phone, a fee the group argues will provide Verizon with another $1 billion in revenue.
In its report called Broken Connections: an Alternative Report for Verizon, the union groups accuse Verizon of dodging tax payments and outsourcing jobs to other countries to lower its costs.
The rally and report comes as the CWA and IBEW unions are in the midst of negotiating a new labor contract.
Verizon CEO and Chairman Lowell McAdam has asked for a number of concessions on pension and healthcare contributions. In addition, the telco asked for changes in work rules such as vacation and sick days.
Last August, 45,000 of Verizon's union wireline workers went on strike after the two sides failed to reach an agreement for a labor contract.
Verizon CFO Fran Shammo said during the company's Q1 2012 earnings call that contract talks are likely to continue to be contentious with the unions.
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