NORFOLK, Va., Sept. 16 /PRNewswire-FirstCall/ -- Norfolk Southern
Railway Company and the Brotherhood of Locomotive Engineers and Trainmen
(BLET) have reached a new agreement that will continue to link engineer
compensation to company performance through 2014. The BLET has participated
in such a bonus program since 1996.
The new agreement covers approximately 5,000 engineers and provides
each engineer the opportunity for an annual bonus payment based on company
financial and service performance metrics and, for the first time, his or
her work availability in the previous year.
Other highlights of the agreement include annual wage increases
totaling 19 percent from 2009 through 2014, enhancements to the BLET's 401k
plan, increased incentive pay for weekend/holiday work, reduced employee
costs for the BLET disability plan, and increased pay for engineers who
assist in training new engineers. The annual wage increases average
approximately 3.2 percent per year. Eligible engineers will receive up to
two lump-sum payments: a signing bonus of $1,200 by Dec. 1, 2008, and a
lump-sum bonus payment of $3,500 by Jan. 1, 2009.
BLET General Chairman Ray Wallace said, "The BLET has enjoyed a strong
partnership with Norfolk Southern over the years. This agreement ensures
that Norfolk Southern's success will continue to be financially beneficial
to our members."
BLET General Chairman Cole Davis added, "Engineers are an integral part
of Norfolk Southern operations. The financial package in this agreement
ensures that our members are compensated for their contributions to the
company's performance."
BLET General Chairman Willard Knight concluded, "This agreement
recognizes and rewards the hard work that our members perform each day to
improve Norfolk Southern's prosperity."
Norfolk Southern Vice President Labor Relations Harold Mobley said,
"Reaching a long term agreement that links engineer compensation to our
corporate goals will allow all of us to continue to focus on the railroad's
safety, operating efficiency, and customer service."
Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier
transportation companies. Its Norfolk Southern Railway subsidiary operates
approximately 21,000 route miles in 22 states and the District of Columbia,
serving every major container port in the eastern United States and
providing superior connections to western rail carriers. Norfolk Southern
operates the most extensive intermodal network in the East and is North
America's largest rail carrier of metals and automotive products.
SOURCE Norfolk Southern Corporation
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Related links:
http://www.nscorp.com
http://www.prnewswire.com/comp/626525.html/
CONTACT:
Media, Susan Terpay, +1-757-823-5204,
susan.terpay@nscorp.com; Investors, Leanne Marilley,
+1-757-629-2861, leanne.marilley@nscorp.com, both of Norfolk
Southern Corporation
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