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The contract guarantees a minimum salary of $50,000 for new employees, cell phone and meal reimbursements, and other protections.
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The deal would give police officers a 28% raise over the next five years. Austin City Council is expected to vote on the contract Oct. 10.
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The agreement comes after more than a year of negotiations with hospital representatives.
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The union added 225 new members at the beginning of the month, bringing its numbers to more than 1,000.
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The nurses' union said hundreds participated in the strike Wednesday to protest staffing levels and equipment shortages at the hospital.
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The nurses union will engage in its second strike this year as contract negotiations with the hospital inch past the one-year mark.
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The Amalgamated Transit Workers union says Paris-based Keolis has a "history of hostile anti-union conduct."
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The Statesman is one of 18 newsrooms owned by Gannett that went on a one-day strike Monday.
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AISD officials have proposed raising the minimum hourly wage for certified employees to $20 and giving a 7% pay increase to teachers, counselors and librarians. The plan could result in a $54 million budget deficit.
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Officers will see the raise starting next month. If officers stay with the department, they could get a $5,000 bonus next year.