Union Pacific Engineers Ratify New 5-Year Contract With 18.8% Pay Hike
Union Pacific Corp (NYSE:UNP) has reached a significant agreement with the locomotive engineers union. The 6,000 members have voted to ratify a new five-year contract, bringing improvements in pay and benefits.
The new contract sees Union Pacific engineers securing an 18.8% raise over the five-year period. This substantial increase comes alongside enhancements in health and welfare benefits. Notably, the agreement caps monthly cost-sharing for both new and existing medical coverage, ensuring affordability.
The work-rest agreement remains unchanged, maintaining the 11/4 schedule that provides engineers with four days off after eleven consecutive working days. Additionally, the allowance for meals away from home has been increased, and an optional, reduced-cost news plan has been introduced, offering more choices for the engineers.
The ratified contract brings higher wages, improved benefits, and accelerated vacation accrual policies for Union Pacific's locomotive engineers. This agreement follows the ratification of new contracts by over 12,600 Union Pacific employees so far this year, demonstrating a commitment to workforce satisfaction and growth.
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