Just days before layoffs for about 3,500 state workers were slated to go into effect, the Public Employees Federation and the governor reach a tentative agreement that could stop that from happening. Lori Chung reports.

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ALBANY, N.Y. -- Three days before massive layoffs go into effect and leaders of the Public Employees Federation and Governor Cuomo come to an agreement - a ray of hope for the nearly 3,500 workers who received pink slips.

"Now is it. This is it," said PEF member Peter Rea. "We very rarely get second chances."

Members voted down the last contract, which included a three-year wage freeze, higher health insurance premiums, furloughs and a five-year term.

This latest deal calls for a four-year term instead, nine reimbursed furlough days paid at the end of the contract, and the flexibility to use vacation time to offset health insurance costs. The three-year wage freeze remains.

Senator Neil Breslin said, "We have to give a great deal of credit to the governor for compromising and being conciliatory, and a great deal of credit to PEF."

Senator Breslin, whose Albany district includes a large number of state workers, says it's a fair exchange, particularly since the governor warned that any contract changes had to be revenue neutral.

Cuomo released a statement saying, "I am confident that my administration has been more than reasonable and fair...The fate of the members is in the union's hand. It's up to them"

Rea said, "There's a lot of activities that we can do to educate the membership, to reach out to the people that didn't vote the first time."

Rea is among those urging other members to accept the deal.

Union leaders seem to have confidence that members will be appeased saying, "The ratification of this agreement will demonstrate that our members are willing to sacrifice to save the jobs of 3,496 of their coworkers and preserve the level of service to taxpayers"

One key compromise for affected workers, if PEF's executive board approves the deal this week, layoffs will be pushed back to November 4th to give members time to vote.