JACKSONVILLE, Fla., Jan. 29 /PRNewswire-FirstCall/ -- CSX Transportation Inc. (CSXT) and the United Transportation Union (UTU) have reached a tentative agreement on a five-year combined wage and performance bonus package. The agreement covers conductors and yard employees on CSXT predecessor railroads AWP, C&O, L&N, NC&StL and SCL.
In addition to wage increases, employees will be eligible for payments from a Performance Bonus Plan that links that portion of their compensation to company financial performance. Affected employees will also be eligible for a stock-based Individual Performance Award program. Upon approval by the International UTU, the agreement will be subject to ratification by the affected UTU membership.
"This is an important agreement that consolidates five former agreements into a single Southern Region UTU agreement that directly aligns the interests of our more than 4,000 United Transportation Union employees in this area with company goals to meet the expectations of our customers and shareholders," said Lisa Mancini, senior vice president-human resources. "We applaud the vision of the UTU in reaching a new agreement that rewards their membership when the company meets its financial and strategic goals."
CSX Transportation Inc. is a principal operating company of CSX Corporation. CSX Corporation, based in Jacksonville, Fla., is one of the leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at the company's web site, www.csx.com.
SOURCE CSX Transportation