May 30, 2016 05:01 AM EDT

Verizon Strike 2016 Concludes? Agreement To Bring 'Big Gains' For Employees

The Verizon strike 2016 may be nearing its conclusion. The carrier and unions have reached an "agreement in principle."

The Guardian reported that the company and unions now have a tentative deal to end the Verizon strike 2016. On Friday, U.S. Labor secretary Thomas Perez announced that both parties have arrived at an agreement.

Nearly 40,000 workers walked off their jobs last Apr. 13, protesting the disappointing terms of the new contract. Verizon's shares jumped at about 1.2 percent after the announcement was made and trading went up almost 1 percent at $50.62.

"The parties are now working to reduce the agreement to writing, after which the proposal will be submitted to CWA and IBEW union members for ratification," Perez said. Apparently, the Verizon strike 2016 participants will be back on their jobs next week.

The Verizon strike 2016 lasted for 44 days. The tentative agreement is believed to be a victory with "big gains" for workers.

"The addition of new, middle-class jobs at Verizon is a huge win not just for striking workers, but for our communities and our country as a whole," Chris Shelton, Communications Workers of America (CWA) president, said. "The agreement in principle at Verizon is a victory for working families across the country and an affirmation of the power of working people."

According to Philly.com, CWA VP Edward Mooney described the agreement as a "great contract." It will also protect their members and bring about additional jobs.

"Verizon is very pleased with this 'agreement in principle,'" Verizon chief administrative officer Marc Reed said in a statement. "The agreement is consistent with our objective of creating high-quality American jobs and achieving meaningful changes and enhancements to the contracts."

Workers will be receiving an increase in wage. Moreover, the issues concerning pensions and the location assignment of employees were also settled in favor of the unions.

Verizon has agreed to add 1,300 employees instead of coursing the calls to outside contractors. The deal will add 300 jobs in Pennsylvania, which has call centers for the carrier.

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