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Exclusive-Biden's emergency board recommends up to 7% rail worker pay raises

Published 08/16/2022, 06:13 PM
Updated 08/16/2022, 06:25 PM
© Reuters. FILE PHOTO: The White House is seen at sunset in Washington, U.S. March 6, 2021. REUTERS/Erin Scott/

WASHINGTON (Reuters) - U.S. President Joe Biden's emergency board tasked with helping major freight railroads and unions end a contract negotiation stalemate on Tuesday proposed annual wage increases of between 4% and 7% through 2024, according to a report seen by Reuters.

The board also recommended in its 119-page report a 3% increase for 2020 and 3.5% for 2021, when the rail workers did not have a contract, along with five $1,000 annual bonuses and an additional paid day off.

Talks between major freight railroads, including Union Pacific (NYSE:UNP), Berkshire Hathaway-owned BNSF, and CSX (NASDAQ:CSX), and unions representing 115,000 workers have dragged on for more than two years.

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