The largest U.S. telephone company Verizon Communications Inc. and unions representing about 35 percent of its work force on Thursday said they reached a tentative contract agreement.

The five-year contracts would give the unions better wages, benefits, and job security, according to the Communications Workers of America.

"The agreement preserves the existing contract provisions protecting workers against layoffs and against the transfer of their work out of communities in the region -- key issues for union members," said CWA in a statement.

New York-based Verizon said in a news release the agreements will allow it to control costs.

"This five-year agreement, which is unprecedented, provides stability and certainty for both the company and our employees," Verizon said. "The agreement maps out an annual process to balance increased wages against the company's need to manage the size of the work force.

The current employment contracts covering about 80,000 employees expired at midnight EDT (0400 GMT) on Aug. 2, but the two sides agreed to continue talking and keep a strike at bay.

Contract negotiations began in June, with health care costs, job security, and employees' absentee rates among the most contentious issues.

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