(BRK.A), (BRK.B)
Berkshire Hathaway’s BNSF Railway, in collaboration with Norfolk Southern Corporation, has announced tentative five-year collective bargaining agreements with The International Brotherhood of Boilermakers (IBB) and The National Conference of Firemen and Oilers (NCFO).
This development follows recent agreements with four other labor unions, providing 17 percent of BNSF’s union-represented workforce with pending tentative agreements. The timing of these agreements, four months before the next bargaining round, ensures covered employees enhanced pay, health care, and vacation benefits.
BNSF President & CEO Katie Farmer emphasized the importance of employee well-being and praised the swift collaboration in reaching these agreements. The deals include a 3.5 percent average annual wage increase, improved vacation policies, and enhanced health care benefits.
IBB and NCFO leaders expressed their satisfaction with the agreements, highlighting the positive impact on their members’ quality of life and commending BNSF’s proactive approach to labor negotiations.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.