The union representing Dow Jones employees has recommended its 2,000 members approve a three-year contract, as long as three percent raises are given each year for newsroom, sales, administration and technical staff, MarketWatch has reported.

Union officials of the Independent Association of Publishers' Employees recommended the deal be approved Sunday, as employees have gone without a contract since January. Under the deal, Dow Jones employees would have to pay more for health care premiums, however.

“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,” IAPE officials stated in a note to members, MarketWatch reported. “But the board also believes - at this time, under these conditions - this is the best package available.”

Employees must ratify the contract by Oct. 15.

Dow Jones recently agreed to a $5.6 billion buy-out deal from Rupert Murdoch's News Corporation, which is expected to be completed in the fourth quarter this year.