Stock Market News

US railroad workers are preparing to strike

2022.11.21 13:15

[ad_1]



US railroad workers are preparing to strike

Budrigannews.com – A tentative contract agreement reached in September was rejected by workers at the largest rail union in the United States. This raised the possibility of a year-end strike that could significantly harm the U.S. economy and delay vital food and fuel deliveries.

The deal was rejected by a narrow margin by train and engine service members of the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD).A deal mediated by a board appointed by U.S. President Joe Biden was rejected by that unit, which includes conductors, brakemen, and other workers. It joins three other unions in rejecting the deal.

According to Northeastern University professor Seth Harris, “there’s a lot of anger about paid sick leave among the membership,” who kept goods flowing during the COVID-19 pandemic’s early days.
Railroads, which have reduced labor and other costs in order to boost profits, strongly oppose expanding sick time flexibility because doing so would necessitate hiring more employees.

Those administrators, which incorporate Association Pacific (NYSE:),NYSE: Berkshire HathawayBNSF and CSX of Inc. (NASDAQ:),say that the wage package in the contract is the most generous in nearly 50 years of national rail negotiations.

“The situation calls for a compromise on both sides.Reliant Labor Consultants principal Joe Brock, a former Teamsters local president, stated, “Their involvement will unlikely result in ‘better’ for them. The union needs to get this done before the new Congress.”

Republicans, who have historically favored corporate interests over unions, took control of the United States House earlier this month, beginning in January.

Brock stated, “I see a minimal improvement in sick pay” and “great pressure from the (Biden) administration to accept a deal.”

Major industry groups have been calling on President Biden and Congress to intervene to prevent a strike before the holidays because they believe that cost cuts in the rail industry have hurt service.

Karine Jean-Pierre, the White House’s press secretary, stated last month that “any shutdown would be completely unacceptable.”The parties involved are accountable for finding a solution to this problem.”On Monday, the White House did not immediately provide a response.

By unleashing a cascade of transport issues affecting the energy, agriculture, manufacturing, healthcare, and retail sectors in the United States, a rail shutdown could freeze almost 30% of U.S. cargo shipments by weight, stoke inflation, and cost the American economy up to $2 billion per day.

The U.S. Chamber of Commerce warned last week that any disruption would be disastrous for the economy and called on Congress to intervene.General Motors Corporation (NYSE:)has stated that a halt would necessitate the immediate stoppage of some truck production.

“The railroads are now in control.Watch what they do.SMART-TD President Jeremy Ferguson said, “They can settle this at the bargaining table.”Without a strike, this can all be resolved through negotiations.”

The “continued, near-term threat” of a strike “will require that freight railroads and passenger carriers soon begin to take responsible steps to safely secure the network in advance of any deadline,” according to the National Carriers’ Conference Committee (NCCC), which represents the nation’s freight railroads in negotiations.

“Congress may need to intervene – just as it has in the past – to prevent disruption of the national rail system,” the railroads stated, showing no willingness to reopen negotiations.

As railroads prepared for a possible work stoppage, the standoff in September between U.S. railroad operators and their union workers disrupted the flow of hazardous materials like fertilizer chemicals and passenger service on Amtrak in the United States.

Nine of 13 agreements covering approximately half of the 115,000 workers impacted by the talks have been ratified by unions, including a separately contracted unit that covers over 1,000 SMART-TD yardmasters.

A 24% compounded wage increase over a five-year period from 2020 to 2024 and five $1,000 lump sum payments are included in the agreement.

The strike deadline has already been extended until the beginning of December by three additional unions that rejected the deal.

Sick leave and attendance policies, as well as the lack of paid sick days for short-term illnesses, have been criticized by labor unions.

Starting on Dec. 9, Savvy TD would be permitted to protest or the rail transporters would be allowed to lock out specialists, except if Congress intercedes.

The Brotherhood of Locomotive Engineers and Trainmen (BLET) and other rail unions that have ratified agreements have pledged to honor picket lines in the event of a strike by any of the unions that voted against the deal.

In September, the Biden administration hosted last-minute contract talks at the Labor Department, which resulted in a tentative contract agreement and helped prevent a service cutoff.

US railroad workers are preparing to strike

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 83,932.49 0.56%
ethereum
Ethereum (ETH) $ 1,923.07 0.55%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.38 0.36%
bnb
BNB (BNB) $ 611.97 3.17%
solana
Solana (SOL) $ 135.43 1.34%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.737657 0.41%
dogecoin
Dogecoin (DOGE) $ 0.174363 1.32%
tron
TRON (TRX) $ 0.220261 1.37%
staked-ether
Lido Staked Ether (STETH) $ 1,922.48 0.78%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,783.45 0.34%
pi-network
Pi Network (PI) $ 1.56 7.18%
leo-token
LEO Token (LEO) $ 9.74 0.17%
chainlink
Chainlink (LINK) $ 13.85 0.43%
the-open-network
Toncoin (TON) $ 3.48 19.60%
stellar
Stellar (XLM) $ 0.274118 1.15%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,302.91 0.81%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.191653 1.80%
avalanche-2
Avalanche (AVAX) $ 19.11 3.39%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 0.27%
sui
Sui (SUI) $ 2.33 0.40%
litecoin
Litecoin (LTC) $ 91.91 0.62%
bitcoin-cash
Bitcoin Cash (BCH) $ 338.45 2.84%
polkadot
Polkadot (DOT) $ 4.31 2.48%
mantra-dao
MANTRA (OM) $ 6.59 5.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
weth
WETH (WETH) $ 1,923.05 0.57%
bitget-token
Bitget Token (BGB) $ 4.44 0.46%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.09%
hyperliquid
Hyperliquid (HYPE) $ 14.00 1.16%
whitebit
WhiteBIT Coin (WBT) $ 28.82 1.28%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,043.94 0.51%
monero
Monero (XMR) $ 212.03 0.84%
uniswap
Uniswap (UNI) $ 6.18 2.47%
susds
sUSDS (SUSDS) $ 1.04 0.02%
aptos
Aptos (APT) $ 5.34 2.37%
dai
Dai (DAI) $ 0.999804 0.01%
near
NEAR Protocol (NEAR) $ 2.61 0.09%
pepe
Pepe (PEPE) $ 0.000007 0.83%
okb
OKB (OKB) $ 46.40 0.58%
internet-computer
Internet Computer (ICP) $ 5.73 1.07%
ondo-finance
Ondo (ONDO) $ 0.863403 1.23%
ethereum-classic
Ethereum Classic (ETC) $ 17.82 1.21%
mantle
Mantle (MNT) $ 0.787582 7.27%
gatechain-token
Gate (GT) $ 21.50 1.43%
aave
Aave (AAVE) $ 170.62 1.63%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 83,917.48 0.53%
official-trump
Official Trump (TRUMP) $ 12.05 1.88%