The executive board of New York's Transport Workers Union (TWU) approved a tentative contract late yesterday, the union's leader said, after the city's transit workers staged a three-day strike last week.
The union's board "voted overwhelmingly to approve the proposed contract," with 37 in favor, four against, and one abstention, said TWU President Roger Toussaint at a news conference.
According to the new contract, the city's Metropolitan Transportation Authority (MTA) gave up demands for concessions on pensions, while the workers would for the first time contribute 1.5 percent of their pay to health care premiums, The New York Times reported.
Toussaint said the contract provides for a refund of member contributions to pensions over the past several years, plus medical coverage and health benefits coverage for retirees.
Also included in the 37-month contract is workers' pay increase, which will be 3 percent for the first year, 4 percent for the second and 3.5 percent for the third.
Mayor Michael Bloomberg welcomed the agreement in a statement, saying the contract "provides the necessary cost-savings and productivity to keep the MTA solvent, mitigate fare increases and allow for vital investment in our transportation infrastructure."
New York's 34,000 transit workers staged a three-day strike last week at the height of the Christmas season. The strike, which was the city's first transit strike in more than 25 years, brought the dispute with the MTA over pay, pensions and health care to its climax.