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7/1/2024
With an annual salary adjustment that takes effect today, the pay and benefits that make railroading a desirable career are increasing even further, according to the National Railway Labor Conference (NRLC).
The average employee tenure at America’s largest freight railroads is more than double that of comparable industries and occupations, NRLC officials said in a press release.
Before the 2022 national bargaining agreements, Class I rail employees were among the highest paid workers across U.S. industries. The most recent round of agreements made railroad compensation even stronger with a historic 24% wage increase over five years (2020-2024).
With the pay increase that takes effect today, most Class I employees will earn between $90,000 to $140,000 in annual wages (depending on their craft), with an average of $111,000. The value of the total Class I employee annual pay and benefit package —accounting for health, welfare and retirement programs — will now range from $135,000 to almost $190,000, with the average growing to $160,000, according to the NRLC.
The 2022 rail labor agreements also featured an average $11,000 payout upon ratification and $5,000 in bonuses over the course of the contract. Rail employees are now positioned in the top 6% of the approximately 140 million employees in other reported industries for average annual compensation, NRLC officials said.