United Steelworkers Ratify New Collective Agreement
Rhea-AI Summary
CN (TSX: CNR) (NYSE: CNI) announced the ratification of a new three-year collective agreement with United Steelworkers (USW) Local 2004, representing 2,500 track and bridge employees. The agreement includes wage increases, enhanced benefits, and measures to boost productivity, aiming to reduce outsourcing.
Positive
The new collective agreement demonstrates CN's commitment to investing in its employees, fostering a more productive environment.
The agreement includes wage increases, improvements to expense reimbursements, and upgraded healthcare benefits, showing CN's dedication to employee well-being.
The measures to increase productivity and reduce outsourcing by creating new positions within the company and allowing workers to move outside their region highlight CN's efforts to enhance efficiency and retain talent.
Negative
- None.
News Market Reaction
On the day this news was published, CNI declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MONTREAL, May 01, 2024 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its new three-year collective agreement with the United Steelworkers (USW) Local 2004, was formally ratified by union members on Monday April 29th, 2024. The USW represents approximately 2,500 track and bridge employees at CN, primarily responsible for track maintenance across Canada.
"We're pleased to have reached this new collective agreement through collaborative negotiations. It is a testament to our commitment to invest in our people, contributing to a more productive environment with more opportunities to grow within the organization."
- Patrick Whitehead, Executive Vice-President and Chief Network Operating Officer at CN
The new three-year agreement includes wage increases each year, enhancements to eligible expense reimbursements and improved medical, dental and healthcare benefits with a transition to the CN Unionized Flex Benefit Plan in 2025. The ratified agreement also includes measures to increase productivity and reduce the need to outsource work to contractors by creating new positions within the company and allowing more workers to move outside their region when needed.
This new collective agreement expires on December 31st, 2026.
About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. CN's network connects Canada’s Eastern and Western coasts with the U.S. South through an 18,800-mile rail network. CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
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