Union says backs Dow Jones contract offer

NEW YORK (Reuters) - The union that represents many Dow Jones & Co employees said on Sunday that it supports a contract offer from the company that would provide a 3 percent salary increase to employees.

The offer would cover about 2,000 employees, including reporters at Dow Jones Newswires and The Wall Street Journal.

The New York Times reported that the contract would contain significantly higher out-of-pocket health care expenses which the the union, the Independent Association of Publishers' Employees, had objected to strongly.

"Obviously, this contract is not everything that we wanted -- and the Board believes it is short of the quality contract that you deserve as the people who, day in and day out, create one of the most trusted and respected products in the world," union President Steven Yount said in a statement.

"But the Board also believes -- at this time, under these conditions -- this is the best package available."