NY public workers union puts off layoffs in new pact

New York Public workers union signed a pact with Governor Andrew Cuomo to avoid lay offs.According to the new accord there would be no wage hikes in fiscal 2011 and 2012, but workers would instead get a $1,000 lump sum payment over the next 2 years.They would also get a 2% wage hike in 2014 and 2015.The 5 year accord also includes job security assurances.All this has been possible because of New York’s unique advantage of having a fully funded State Retirement Fund.

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NY public workers union dodges layoffs in new pact