The International Brotherhood of Teamsters and ABF Freight reached a preliminary agreement on a new five-year collective bargaining agreement on Wednesday night.
ABF Freight reached a labor agreement with the International Brotherhood of Teamsters on Wednesday night after the stock market had closed.
The two sides have reached an agreement on their national and supplementary labor contracts, as per a document submitted to the SEC (Securities Exchange Commission). The agreement needs worker approval to be effective.
ABF and Teamsters Reach Five-Year Collective Bargaining Agreement
ABF and Teamsters have agreed on a five-year collective bargaining agreement. ABF’s 8,600 workers will receive pay raises, new perks, and better working conditions.
Teamsters and LTL carriers are working on multiple labor agreements. UPS is also involved. The proposed deal includes increases in pay, new benefits, and perks.
The deal proves the union’s power and resolves at the negotiating table, according to John Murphy, director of Teamsters National Freight.
Preliminary Deal to Reopen National Master Freight Agreement Early
The Teamsters and Yellow Corp. have a preliminary deal to reopen their national master freight agreement early. The Teamsters will conduct a strike authorization ballot with UPS members this week.
Teamsters members voted 97% in support of sanctioning a strike if necessary. Within two weeks, a preliminary agreement was struck. Union leaders will gather in Chicago next week.
They will discuss the draft agreement before submitting it to a vote of the membership. The labor agreement expires soon and a new one will replace it.
Contract talks began in March. Discussions are also happening at other unionized LTL carriers. Union officials promised to fight for their members.
Three U.S. freight train unions signed preliminary agreements. This is good news for the logistics sector. Agreements cover 86,000 freight train workers. They prevent a walkout that could slow transportation and disrupt supply chains.
Unions wanted more pay and benefits. Railways looked to save costs wherever possible. Preliminary accords, if ratified, will bring relief to businesses that rely on freight rail transportation.
The agreements can prevent job losses and production decline. They may benefit the economy. Unions and freight railways have reached preliminary agreements. For more such news follow Lading Logistics. The logistics sector and the economy will benefit.