(WJW) — Verizon customers can expect their bills to go up next month, with some businesses also getting charged higher rates.
“We’re all feeling the pressure and we’ve been in the process of deciding how much of that pressure we can share with our clients,” Tami Erwin, head of Verizon Business, recently told Bloomberg.
That “pressure” translates to the company reportedly raising its administrative fee by $1.35, bringing that charge up to $3.30 for every voice line on a plan, Bloomberg said. The charge does not apply to data-only lines, such as for a tablet. The changes will be reflected on June bills.
An “Economic Adjustment Charge” is also coming for companies paying for business plans through Verizon, the company confirmed, with mobile plans going up by $2.20 a month and basic service raising by 98 cents.
Verizon previously increased this fee in 2019, according to Yahoo.
“Economic conditions are impacting businesses industry wide,” Verizon said in a statement to Nexstar’s WJW. “Beginning June 16, 2022, Verizon Business will add an Economic Adjustment Charge to business accounts that meet certain requirements. Verizon Business provides access to a wide variety of business solutions, exclusive business promotions, dedicated account support, and other solutions to keep businesses secure.”
Verizon was not clear about what those certain requirements were, but did say the so-called Economic Adjustment Charge is not going to affect regular consumer plans.
With T-Mobile taking over Sprint two years ago, the reality is there is less competition, something industry watchdogs have warned about. Competitor AT&T has also raised rates in recent months, as prices for things like gas, food and energy continue to eat into consumers’ bank accounts.
Verizon recently reported that its net income had lowered by 12.4% over the last year.