45,000 Verizon Workers Go On Strike Over Requested Concessions

45,000 workers from the Verizon landline side of the company’s business went on strike in the mid-Atlantic and northeast regions on Sunday, protesting the company’s request for concessions from two of the industry’s major unions.

The walkout

The walkout, the first in 11 years at the corporation came afterwards Verizon requested concessions as their landline business continues to witness decreasing revenue as cell phone use rises and cable companies begin to take away clients via VoIP (Voice over Internet Protocol) services.

According to the Wall Street Journal landline earnings fell 1.2% in the first six months of 2011 to $20.4 billion, a $3 billion profit for Verizon shareholders.

The strike will not affect service

While Verizon says the strike will not affect service, it could be a long battle coming as the Communications Workers of America, one of the two unions on strike says they have more than $400 million in contingency funds that will help them support workers while the strike.