New York City and the United Federation of Teachers are reportedly close to a new contract. A tentative deal could be announced as soon as today.
The New York Times reports teachers would receive retroactive pay equivalent to about 8 percent of their salary. Moving forward, they would receive pay increases of 1.5 to 2 percent each year of the contract.
In return, New York City would receive substantial health care savings.
Teachers have been working without a contract since the fall of 2009. Negotiations came to a halt because former Mayor Michael Bloomberg refused to give the union back pay.
The UFT was asking for more than $3 billion in retroactive pay, claiming they deserved the same 4 percent raises that other unions received in 2009 and 2010.
Sources warn that talks could still hit a snag.
One of the problems is that other unions are complaining that teachers aren't receiving a big enough raise as part of this potential deal. They're upset because any agreement between the city and the UFT will likely set a pattern for negotiations with other unions.
Under the potential contract, another deal wouldn't be needed until after the next mayoral election.
Source: New York Times
Photo Credit: Getty Images