Academic journal article Monthly Labor Review

Third Try Is Magic at Prudential

Academic journal article Monthly Labor Review

Third Try Is Magic at Prudential

Article excerpt

After rejecting two tentative pacts, members of the Food and Commercial Workers approved a new 2-year agreement for some 16,000 insurance agents employed by Prudential Insurance Co. in 36 States and the District of Columbia. The major stumbling blocks to settlement reportedly were proposals relating to working conditions and technology, health care, and disability benefits.

The settlements calls for compensation increases averaging $26.08 a week over the term of the contract--$20.98 a week in wages and $5.10 an hour in benefits.

The pact allows agents to enroll in one of two health care plans. The first, the current idemnity plan, features a 20-percent employee copayment (formerly first-dollar coverage) after the deductible is met, with employee premium costs of $4.26 a week of employee and spousal coverage, and $4.80 for family coverage. The second, a managed care plans, calls for first-dollar coverage, with employee premium costs of $6.86 a week for single coverage, $9.86 a week for employee and spousal coverage, and $9.93 a week for family coverage. …

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