Bloomberg L.P. and the union representing journalists at its Washington-based subsidiary BNA have reached an agreement on a new three-year contract.
The Newspaper Guild-Communication Workers of America posted on Facebook that the agreement was reached at 3 a.m. A Bloomberg spokesman confirmed that a contract had been reached.
Bloomberg BNA, which covers legal and regulatory news, has more than 600 reporters, attorneys, and editors working from the Washington, D.C., metropolitan area
The contract calls for pay raises between 2 percent and 4 percent in 2013, raises between 2.25 percent and 4 percent in 2014 and raises between 2.5 percent and 4 percent in 2015.
The minimum vacation is now three weeks per year, and the company match on employee 401(k) contributions goes from the current 6 percent to 8.5 percent.
In addition, all eligible employees will receive a 5 percent bonus in December 2013. In 2014, there will be a minimum corporate bonus of 2.5 percent and if the company revenue hits its budgeted target, the bonus will be 3 percent. In addition, there will be an individual bonus based on evaluations ranging up to 4 percent.
In 2015, the corporate minimum bonus drops to 2 percent, but the individual maximum bonus goes up to 5 percent.
Journalists will be paying more in health care premiums.
More information on the deal can be found on the union’s Facebook page here.
