Jun 02, 2016 05:39 AM EDT

Verizon Strike 2016 Update: New Contract Highlights Revealed

Highlights on the new contract that caused the end of the Verizon strike 2016 have been revealed. It seems to be a win-win situation for both parties.

Patch reported that union leaders have shared the highlights from the proposed contract. Verizon strike 2016 participants have ceased their protests and went back to work on Wednesday, Jun. 1.

Workers are set to receive a 10.9 percent increase in their wages over the next four years. This comes with compounded interest, which includes 3 percent upon ratification as well as 2.5 percent on each anniversary of the contract.

There will also be a $1,250 signing bonus in the Mid-Atlantic as well as a $1,000 signing bonus with a $250 healthcare reimbursement account for those in the Northeast. There is a minimum of $700 in corporate profit sharing payments in each of the next four years.

The Verizon strike 2016 also caused a "guarantee" that more percentage of customer service work will be handled by unionized workers. The company will be adding 850 call center jobs in the Mid-Atlantic and 450 in the Northeast.

"The addition of good new jobs at Verizon is a huge win not just for striking workers, but for our communities and the country as a whole," CWA president Chris Shelton said. "This contract is a victory for working families across the country and an affirmation of the power of working people. It proves that when we stand together we can raise up working families, improve our communities and advance the interests of America's working people."

According to Wired, the Verizon strike 2016 has proven that the Internet still needs humans. "Despite advances in automation and artificial intelligence, all of this infrastructure takes real human workers to build and maintain," the publication wrote.

During the strike, Verizon had mobilized contractors and non-union employees fill in the roles left by the protesters. The company also advertised for temp jobs to keep operations running. The strike still led to a decrease in new customers for this quarter, though.

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