(BRK.A), (BRK.B)
Berkshire Hathaway’s BNSF, as well as Union Pacific, and CSX, have reached a tentative agreement with three of their labor unions. The agreement, which covers some 15,000 employees, came about after a Presidential Emergency Board, was created on July 18, 2022.
The three unions are the Transportation Communications Union/IAM, the Brotherhood of Railway Carmen, and the International Association of Machinists and Aerospace Workers.
In a statement released by Transportation Communications Union/IAM, the union noted:
“The Tentative Agreement secures all of the recommendations of PEB 250. Under the terms of this Agreement, employees will receive the highest General Wage Increases ever achieved through National Bargaining – 24% in compounded GWIs over 5 years. The TA protects all great benefits of our Healthcare Plans and includes Healthcare Design enhancements related to the coverage and treatment for Autism Disorder and hearing benefits. It also provides an additional day of paid leave to be designated as an additional Personal Leave Day, Vacation Day or Personal Holiday. The Tentative Agreement also contains a ‘Me-Too’ provision which ensures that in the event any other union reaches an agreement that improves on the terms of this Agreement, TCU/IAM members will receive the same additional value.
This Agreement ensures that every single penny of the recommendations contained in PEB 250 go directly into our member’s pockets. TCU/IAM members will receive thousands of dollars in back pay as well as thousands of dollars from increased wages through this agreement. There is no question – getting to a PEB and receiving these recommendations would never have been possible without all of Rail Labor coming together. The Unions stood together, determined to fight the Carriers proposals to slash healthcare benefits, attack our work rules and eliminate two-man crews. We were successful in that fight.”
© 2022 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 a 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.