Railroads strike tentative deals with three unions, nine other still being negotiated
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Railroads have reached tentative agreements with three unions as the prospect of a national strike in September gets closer.
The National Carriers' Conference Committee said tentative deals were struck with the Transportation Communications Union/IAM, Brotherhood of Railway Carmen, and International Association of Machinists and Aerospace Workers.
The tentative agreements followed settlement recommendations issued by the Presidential Emergency Board on Aug. 16. Those recommendations, included a 24% compounded wage increase during the five-year period from 2020 through 2024 and a 14.1% wage increase effective immediately. The agreement also calls for five annual $1,000 lump sum payments.
There are still nine unions in the rails industry without a tentative agreement in place, including the two biggest rail unions that represent engineers and conductors.
Earlier in August, Canadian Pacific Railway (NYSE:CP) reached a new two-year collective agreement with the Teamsters Canada Rail Conference â Train and Engine after a binding arbitration, which includes a 3.5% wage increase in 2022 and 2023 and increased benefits.
Related stocks: Canadian National Railway (CNI), CSX Corp. (CSX), Union Pacific (UNP), and Norfolk Southern (NSC).