The Association of National Advertisers' (AFM) and the American Association of Advertising Agencies' Joint Policy Committee on Broadcast Talent Union Relations, one of the ad industry's official collective bargaining arms, announced successful negotiations of a new three-year collective bargaining agreement with the American Federation of Musicians, to be effective October 17, 2004 to October 16, 2007.
The wage and benefit package will pay AFM members $100 million in wages and benefits over its three-year term. The industry negotiated a 6 percent package of wage and benefit increases to be paid over three years. The package included a 2 percent increase in pension contributions to the AFM Fund.
The contract is is subject to AFM membership ratification, which is expected next month.