CSX Announces Advances on Future Wage Adjustments for Unionized Operations Employees
April 19 2022 - 7:57PM
CSX Corp. (NASDAQ: CSX) today announced it has reached a tentative
agreement with the Sheet Metal, Air, Rail and Transportation
Workers, Transportation Division (SMART-TD) to provide SMART-TD
Trainmen and Yardmasters with monthly advance payments on future
wage adjustments anticipated in settlement of the 2020 round of
national bargaining between rail labor and the Class I railroads.
CSX also notified its other labor organization representatives that
it intends to reach agreements to provide identical payments to all
unionized employees.
James M. Foote, president and chief executive
officer of CSX, said: “Our union employees have waited nearly two
years for a pay raise and are now dealing with the challenge of
high inflation. This tentative agreement with SMART-TD is good for
our employees, and we are committed to working with all of our
labor unions to get this done for all union employees, who should
not be left behind for months and months as we await the complex
issues in national bargaining to be settled.”
The tentative agreement with SMART-TD provides
that the monthly payments of up to $600 would be made from May 2022
through the end of the year, or until negotiated wage settlement is
reached, whichever is earlier. The advance payments would be
deducted from any retroactive or future pay increases that may be
agreed upon at national bargaining.
The 2020 round of bargaining began in November
2019, and the National Rail Carrier Conference and the labor
coalitions are currently in mediation before the National Mediation
Board. It is unclear how long it may take for negotiations to
conclude. CSX has advised its labor unions and seeks their
agreement to implement these advances, as required under the
Railway Labor Act.
Jamie Boychuk, executive vice president of
Operations, CSX, said: “We know that collective bargaining in the
rail industry tends to take years. We also know that our
union-represented operations employees are suffering from the
broader economic challenges. These are unprecedented times, and our
operations employees have delivered for our customers, communities
and the nation through the pandemic, on-going supply chain
disruptions, and higher housing, food and fuel prices. It’s time we
recognize their efforts and the difficult circumstances they and
their families are facing by providing some relief through these
fair and rightly earned wage adjustments.”
About CSX
CSX, based in Jacksonville, Florida, is a
premier transportation company. It provides rail, intermodal and
rail-to-truck transload services and solutions to customers across
a broad array of markets, including energy, industrial,
construction, agricultural and consumer products. For nearly 200
years, CSX has played a critical role in the nation’s economic
expansion and industrial development. Its network connects every
major metropolitan area in the eastern United States, where nearly
two-thirds of the nation’s population resides. It also links more
than 230 short-line railroads and more than 70 ocean, river and
lake ports with major population centers and farming towns alike.
More information about CSX Corp. and its subsidiaries is available
at www.csx.com. Like us on Facebook
(http://facebook.com/OfficialCSX) and follow us on Twitter
(http://twitter.com/CSX).
Forward-looking Statements
This information and other statements by the
company may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act with respect to,
among other items: projections and estimates of earnings, revenues,
margins, volumes, rates, cost-savings, expenses, taxes, liquidity,
capital expenditures, dividends, share repurchases or other
financial items, statements of management's plans, strategies and
objectives for future operations, and management's expectations as
to future performance and operations and the time by which
objectives will be achieved, statements concerning proposed new
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market conditions or performance. Forward-looking statements are
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“preliminary” and similar expressions. Forward-looking statements
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the company updates any forward-looking statement, no inference
should be drawn that the company will make additional updates with
respect to that statement or any other forward-looking
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Forward-looking statements are subject to a
number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by any
forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by any forward-
looking statements include, among others; (i) the company's success
in implementing its financial and operational initiatives; (ii)
changes in domestic or international economic, political or
business conditions, including those affecting the transportation
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uncertainty associated with projecting economic and business
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Other important assumptions and factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in the company's SEC
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company's website at www.csx.com.
Contact:Matthew Korn, CFA, Head of Investor
Relations, Service Measures & Pension904-366-4515
Bryan Tucker, Corporate Communications855-955-6397
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