In a statement released Thursday, Verizon said that it had met with union leaders and presented them with a contract after more than 10 months of negotiation.
The news comes more than two weeks after 36,000 workers went on strike -- the largest since 2011.
According to Verizon, the proposal includes a 7.5% wage increase and protection from layoffs.
The plan stipulates that the layoff protection is guaranteed so long as Verizon gets more control to manage and deploy workers. This would include "voluntary retirement incentive offers and other workforce flexibility changes."
It also features increased healthcare contributions from the company and will continue to provide workers with a 401K company match and a pension plan.