Why do U.S. rail barons hate paid leave so much? EricLevitz explains
Or so the behavior of major U.S. rail companies seems to suggest.
Congress has long recognized the social costs of railway-labor disputes. In 1926, the federal government gave itself broad powers to impose labor settlements on the rail industry. In September, the Biden administration utilized such power tounions and the railroads. Under that bargain, the companies agreed to a 24 percent pay increase by 2024, annual $1,000 bonuses, and a freeze on health-care costs.
“I just think it's a bad idea for Congress to try to intervene and renegotiate these collective bargaining agreements between labor and management.”All of which invites the question: Why do these rail barons hate paid leave so much? Which is to say, why would a company have no problem handing out 24 percent raises, $1,000 bonuses, and caps on health-care premiums but draw the line on providing a benefit as standard and ubiquitous throughout modern industry as paid sick days?P.S.R.
All this has worked out poorly for rail workers writ large. Over the past six years, America’s major freight carriers haveTo compensate for this lost staffing, remaining workers must tolerate irregular schedules and little time off since the railroads have little spare labor capacity left. Last year, the seven dominant North American railways had a combined net income of $27 billion, nearly twice their margin a decade ago. In the interim, the railways have collectively doled out $146 billion in dividends and stock buybacks while investing only $116 billion into their businesses.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Why faulty streetlights are turning cities purple — and why it's worrisomeInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Leer más »
Railroads, unions draw their lines in sand after Biden urges Congress to prevent strikeWith President Biden urging Congress to prevent a rail strike, both rails and unions are drawing their lines in the sand on labor deal terms and consequences.
Leer más »
Railroads, Unions Draw Their Lines in Sand as Biden, Congress Move to Prevent StrikeWith President Biden urging Congress to prevent a rail strike, both rails and unions are drawing their lines in the sand on labor deal terms and consequences.
Leer más »
Why this mammal eats its own brain — and why it could matter for youUnlocking the shrew’s secret to shrinking its own cognitive tissue in winter – only to regrow it in spring – may help doctors treat brain diseases in humans.
Leer más »
Business Groups Press Congress to Avert Potential Rail StrikePresident Biden called on Congress to pass legislation to avert a rail shutdown that could hurt the economy before the holiday season
Leer más »
Biden Calls On Congress to Pass Legislation to Avert Rail ShutdownBig business groups and railroad companies are pressing Congress to intervene to avert a potential strike that would disrupt the flow of goods as soon as next week
Leer más »