General Electric Co. on Sunday reached a tentative, four-year national labour contract with two key unions that cover more than 15,000 GE workers.
The tentative deal follows four weeks of negotiations over issues such as health care costs between the largest U.S. conglomerate and the International Union of Electric Workers/Communications Workers of America (IUE-CWA) and United Electrical, Radio and Machine Workers of America (UE).
A 2007 union contract was set to expire at midnight on Sunday.
The four-year job packages provide gains in wages, pension and job and income security, the company said in a statement.
The contract provisions will also be extended to additional unions that have local contracts with GE, the company said.
"The contract also offers a special early retirement window for long-service employees," IUE-CWA said.
The agreements are subject to review by union negotiating committees and ratification by union members by June 30.