NYC teachers set to get billions in retroactive raises in 'landmark' new labor agreement

NEW YORK (Reuters) - New York officials struck a tentative, nine-year contract agreement with the city's public school teachers on Thursday that will provide billions of dollars of retroactive raises.

Teachers have been working without a contract since 2009. The agreement, which must be approved by union members, calls for raises of about 4 percent for 2009 and 2010, which would be paid out in increments from 2015 through 2020, according to Mayor Bill de Blasio's office.

The contract would be retroactive to 2009 and was a "landmark" deal, de Blasio said. It also contains a one-time, $1,000 ratification payment and additional salary hikes of 10 percent from 2013 through 2018.

(Reporting by Hilary Russ; Editing by Chizu Nomiyama)

[Image: "Happy Teacher Gesturing And Asking Questions," via Shutterstock]