LABOR NEWS UPDATE: National Rail Strike Averted After Marathon Talks Reach Tentative Deal With Unions Representing Engineers & Conductors, Called “An Important Win For Our Economy And The American People” By The White House
The Presidents Of SMART’s Transportation Division & The Brotherhood of Locomotive Engineers And Trainmen Say The Agreement Includes Wage Increases, Bonuses & ‘No’ Increases To Insurance Co-Pays & Deductibles
Chris Isidore, Vanessa Yurkevich and Jeremy Diamond at CNN report that Labor Unions - representing more than 50,000 Engineers and Conductors, and management reached a tentative contract agreement early today (Thursday, September 15th) - averting a Freight Railroad Strike that had threatened to cripple U.S. supply chains and push prices higher for many goods. The deal was announced just after 5 a.m. ET in a statement from the White House, which called it “an important win for our economy and the American people,” CNN reports.
To Read This Labor News Story, Go To: www.cnn.com/2022/09/15/business/railroad-strike-averted-tentative-deal/index.html
Jeremy Ferguson, President of SMART’s Transportation Division and Dennis Pierce, the President of the Brotherhood of Locomotive Engineers and Trainmen, issued the following joint statement:
Early this morning following nearly three years of bargaining, the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET), a Division of the Rail Conference of the International Brotherhood of Teamsters, reached a tentative National Agreement with the Nation’s largest Freight Rail Carriers - which includes wage increases, bonuses and no increases to insurance co-pays and deductibles.
For the first time our Unions were able to obtain negotiated contract language exempting time off for certain medical events from carrier attendance policies.
Our Unions will now begin the process of submitting the tentative agreement to the Rank-and-File for a ratification vote by the Memberships of both Unions.
The tentative agreement calls for an immediate wage increase of 14% once compounded with an additional 4% on July 1st, 2023, and 4.5% on July 1st, 2024.
In addition, wage increases of 3% effective July 1st, 2020, 3.5% effective July 1st, 2021, and 7% effective July 1st, 2022, will be fully retroactive, for a compounded increase of 24% over the five-year term of the agreement.
The agreement also includes annual lump-sum bonus payments totaling $5,000.
To Continue Reading This Statement, Go To: https://smart-union.org/smart-td-blet-reach-tentative-agreement-with-railroads/?fbclid=IwAR1yqEM3pVyQhvWfUGiTO05YpaJza-cdvVbNuESN8iBp3Wy7WpPnq1M-ceY