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SEPTA BOARD APPROVES CITY TRANSIT LABOR AGREEMENT WITH TRANSPORT WORKERS UNION LOCAL 234

 SEPTA BOARD APPROVES CITY TRANSIT LABOR AGREEMENT
 WITH TRANSPORT WORKERS UNION LOCAL 234
 PHILADELPHIA, April 23 /PRNewswire/ -- At its regular monthly meeting this afternoon, the SEPTA Board voted to approve the collective bargaining agreement reached on March 14 with Transport Workers Union Local 234 which represents 5,149 City Transit Division employees, SEPTA announced.
 The essential components of the three year accord encompass three specific areas of the collective bargaining agreement.
 Wages: A $500 per employee signing bonus; a 3.5 percent base wage increase to be paid on July 1, 1993; a 3.5 percent base wage increase to be paid on July 1, 1994, and a 3.5 percent base wage increase to be paid on December 15, 1994.
 Pension: An increase in pension benefits which places City Transit Division agreement personnel on par with SEPTA management with respect to credit for years of service and attendant benefits.
 Health and Welfare: A cost containment agreement on health and welfare costs which realizes budget savings which substantially offset the cost of the pension improvements.
 SEPTA said that the cost of the three year package will total $22.5 million plus $2.8 million for the signing bonus. The cost of the contract is $1.9 million in Fiscal Year 1993 (beginning July 1, 1992), $5.4 million in FY '94 (beginning July 1, 1993) and $15.2 million in 'FY 95 (beginning July 1, 1994).
 /delval/
 -0- 4/23/92
 /CONTACT: SEPTA Press Relations, 215-580-7842/ CO: SEPTA ST: Pennsylvania IN: TRN SU:


JS -- PH056 -- 2172 04/23/92 17:26 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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