Telecommunications company Verizon and two unions representing 65,000 workers who had threatened to strike within hours agreed yesterday on a new three-year contract that provides 10.5 percent wage increases and changes in retirement benefits.

The pact, which must be ratified by union members, was hailed as a “breakthrough agreement in many ways” by Communications Workers of America president Larry Cohen. He said it “provides a framework for growth at Verizon and a good standard of living with careers for our members.”

The deal also extends union recognition to 600 former MCI technicians who had sought it since joining Verizon Communications Inc. two years ago, the union said. Verizon said another 900 temporary employees would be regularized.

Verizon’s executive vice president Marc C. Reed said the contract would allow the company to remain “focused on delivering to our customers the best in broadband, communications and entertainment.”

No date was immediately set for union members to vote on the deal, which consists of many smaller contracts. The Communications Workers of America and the International Brotherhood of Electrical Workers had threatened to strike at 12:01 a.m. today if no agreement was reached.

A walkout could have delayed installations and repairs of telephone and broadband lines. An 18-day strike in 2000 left a backlog of 230,000 orders and repair requests.

A previous contract expired a week ago, but union members continued working as negotiators discussed the new one.