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CSX Corp. has reached an agreement for paid sick leave with the Brotherhood of Railroad Signalmen, the railroad company announced Thursday.
The agreement was ratified with the Seaboard Coast Line branch of the union, CSX
CSX,
said in a statement, adding that the agreement covers nearly 400 employees.
CSX shares rose 0.4% Thursday, compared with the S&P 500’s
SPX
decline of 0.5%.
Related: Derailments, paid sick leave loom over railroad earnings reports
“We value the hard work and dedication of the Brotherhood of Railroad Signalmen and all our employees who keep our operations running smoothly,” CSX CEO Joe Hinrichs said in a statement. “This agreement reflects our ongoing commitment to improving the employee experience, ensuring our team members have the support they need.”
In the statement, Gus Dermott, general chair of the Seaboard Coast Line union branch, said: “Our union worked long and hard within the collective bargaining process to secure paid sick leave for our members and to ensure that the benefits are tailored to the needs of signalmen and their particular working conditions.”
Paid-sick-leave agreements with rail unions have been in the spotlight since the issue pushed the industry to the brink of a strike last year. Earlier this year, CSX reached agreements with the Brotherhood of Maintenance of Way Employes Division, the Brotherhood of Railway Carmen, the International Association of Machinists and Aerospace Workers, the National Conference of Firemen & Oilers, the International Brotherhood of Electrical Workers and the Sheet Metal, Air, Rail and Transportation Workers-Transportation Division unions, covering thousands of railroad workers, according to the Jacksonville-based company.
Related: CSX set to boost rail network performance, say analysts
In total, CSX has executed 10 agreements providing for paid sick leave, including the Brotherhood of Railroad Signalmen agreement. The railroad company partners with 12 major national rail labor unions. CSX told MarketWatch that more than 70% of the company’s union-represented workforce have some form of paid sick leave under their collective agreements. “The agreements and other recent changes in policies demonstrate CSX’s commitment to continuing to work with its employees and their representatives to improve the work experience across the organization,” a spokesperson said.
CSX shares have fallen 0.7% in 2023, compared with the S&P 500’s gain of 11.9%.
