All 12 railway unions must ratify their new contracts to prevent a possible shutdown.
The International Brotherhood of Boiler Manufacturers (IBB) announced on Monday that its members voted against ratifying a preliminary agreement with major freight railroads, making the IBB the third task force to back out of a deal brokered by the Biden administration and raising the chances of a nationwide strike.
The IBB said in a statement that it has now entered a “cooling off” period and plans to continue further discussions with the National Carrier Conference Committee (NCCC), which represents the nation’s major railroads, including BNSF, CSX, Norfolk Southern and Union Pacific.
The IBB joins the Brotherhood of Railroad Signalers (BRS) and the Brotherhood of the International Brotherhood of Drivers (BMWED) Track Maintenance Department in rejecting proposed contracts that would see a 24% increase in rail workers’ wages over a five-year period from 2020 to 2024.
|UNP||UNION PACIFIC CORP.||216.95||-0.55||-0.25%|
|NBK||NORFOLK SOUTH BUILDING||251.68||+0.77||+0.31%|
The railroad union, which opposes a tentative agreement negotiated by President Biden’s Emergency Management Board (PEB), is unhappy that the deal did not do more to address quality of life issues, such as lack of sick leave and full-time crew work.
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Several union members told FOX Business they are disappointed that the representatives of their union signed the recommendations of the PEB back in September, arguing that this agreement is not enough to improve working conditions.
All twelve of the unions involved in the negotiations must agree to ratify their new contracts or a strike could occur that will destroy supply chains and the economy as a whole and cost about $2 billion a day. Congress is expected to intervene if there is a shutdown, but several unions have agreed to continue negotiations until early December.
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So far, seven unions have voted in favor of ratifying their treaties, and now three have voted against. it. Next week it is planned to announce the number of votes for the ratification of the remaining two unions.
Credit: www.foxbusiness.com /