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9/29/2022
Members of the International Brotherhood of Electrical Workers (IBEW) have ratified the recent tentative agreement between the IBEW and the nation’s major freight railroads, the National Carriers’ Conference Committee announced yesterday.
IBEW is the third union to ratify an agreement resolving the current national bargaining round. Tentative agreements with nine other labor organizations remain subject to ratification, NCCC officials said in a press release.
Each union has different procedures and timelines for the membership ratification process. At this time, NCCC officials expect that all ratification votes will be concluded by mid-November.
All of the new agreements increase wages by 24% during the five-year period from 2020 through 2024, with a 14.1% wage increase effective immediately.
The agreements also include five $1,000 annual lump-sum payments; adjustments to health care premiums and health benefit enhancements; and an additional personal leave day for all employees.
A portion of the wage increases and lump-sum payments are retroactive, resulting in more than $11,000 on average in immediate payouts to employees.