Norfolk Southern, Electrical Workers Reach Tentative Contract Deal
Tuesday, Oct 22, 2024 12:45 pm ET
1min read Norfolk Southern Corporation (NYSE: NSC) and the International Brotherhood of Electrical Workers (IBEW) have reached a tentative five-year collective bargaining agreement, providing significant improvements to pay, healthcare, and vacation benefits for covered employees. This agreement, subject to ratification, covers approximately 67% of the company's union workforce, marking a significant milestone in Norfolk Southern's labor relations.
The tentative agreement offers a 3.5% average wage increase per year over the next five years, along with enhancements to an already robust suite of health care benefits and more vacation time earlier in employees' careers. This deal comes in advance of the next collective bargaining round, ensuring that Norfolk Southern's electrical workers receive the best possible compensation for their contributions to powering the American economy.
Mark R. George, Norfolk Southern President and CEO, expressed his delight at reaching this new tentative agreement with IBEW, stating, "We're delighted to reach this new tentative agreement with IBEW so that we can reward these employees, without delay, for the critical work they do to keep the steel wheels rolling."
This agreement is part of Norfolk Southern's ongoing efforts to work with its labor unions to ensure that its craft railroaders receive the best possible pay and benefits. Since August, the company has reached tentative agreements with 10 of its 13 unions, including the American Train Dispatchers Association (ATDA), the Brotherhood of Maintenance of Way Employes Division (BMWED), and the Brotherhood of Railway Carmen Division/TCU (BRC), among others.
The early agreements with unions have covered nearly 65% of the company's union workforce, providing assurances that employees will receive significant upcoming improvements to their pay, healthcare, and vacation benefits. These agreements not only reward employees for their hard work but also demonstrate Norfolk Southern's commitment to fostering a positive work environment that attracts and retains top talent in the industry.
In conclusion, Norfolk Southern's tentative contract deal with the International Brotherhood of Electrical Workers is a testament to the company's dedication to supporting and rewarding its workforce. By providing significant improvements to pay, healthcare, and vacation benefits, Norfolk Southern is ensuring that its electrical workers feel valued and motivated, ultimately enhancing the company's operational efficiency and competitive position within the railroad industry.
The tentative agreement offers a 3.5% average wage increase per year over the next five years, along with enhancements to an already robust suite of health care benefits and more vacation time earlier in employees' careers. This deal comes in advance of the next collective bargaining round, ensuring that Norfolk Southern's electrical workers receive the best possible compensation for their contributions to powering the American economy.
Mark R. George, Norfolk Southern President and CEO, expressed his delight at reaching this new tentative agreement with IBEW, stating, "We're delighted to reach this new tentative agreement with IBEW so that we can reward these employees, without delay, for the critical work they do to keep the steel wheels rolling."
This agreement is part of Norfolk Southern's ongoing efforts to work with its labor unions to ensure that its craft railroaders receive the best possible pay and benefits. Since August, the company has reached tentative agreements with 10 of its 13 unions, including the American Train Dispatchers Association (ATDA), the Brotherhood of Maintenance of Way Employes Division (BMWED), and the Brotherhood of Railway Carmen Division/TCU (BRC), among others.
The early agreements with unions have covered nearly 65% of the company's union workforce, providing assurances that employees will receive significant upcoming improvements to their pay, healthcare, and vacation benefits. These agreements not only reward employees for their hard work but also demonstrate Norfolk Southern's commitment to fostering a positive work environment that attracts and retains top talent in the industry.
In conclusion, Norfolk Southern's tentative contract deal with the International Brotherhood of Electrical Workers is a testament to the company's dedication to supporting and rewarding its workforce. By providing significant improvements to pay, healthcare, and vacation benefits, Norfolk Southern is ensuring that its electrical workers feel valued and motivated, ultimately enhancing the company's operational efficiency and competitive position within the railroad industry.
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