"The tone of our negotiations was positive and direct," said Zarin Mehta, president and executive director of the orchestra, said in a statement. "There are many challenges facing our industry, and the constructive approach taken by the musicians enabled us to begin to address these challenges, and our future, in a cooperative and forward-looking manner."
Musicians agreed that the talks were marked by "professionalism" on the part of orchestra officials, and expressed satisfaction with the outcome. "We have reached a fair and reasonable settlement with the management of the New York Philharmonic," said violist Dawn Hannay, who negotiated for the musicians.
The new contract calls for a salary increase every six months over the life of the contract. The two sides put off a decision on a boost to pension benefits, but agreed that if the annual pension does not rise to $60,000 from its current level of $53,000 by the third year of the contract, salaries will rise more quickly in that year. Musicians agreed to accept higher co-payments and deductibles for their health insurance, but received increases in life, disability, and instrument insurance.
The agreement comes as the orchestra prepares to leave for a two-week Asian tour, beginning with a concert in Seoul, South Korea, on Thursday, October 14.