Union Pacific Cuts Executive Salaries 25%, Other Workers Taking Unpaid Leave
22 4월 2020 - 6:36AM
Dow Jones News
By Paul Ziobro
Union Pacific Corp. senior executives will take a 25% salary cut
and non-union workers will be required to take unpaid time off as
the railroad suffers from a drop in shipping volume due to the
coronavirus pandemic.
The executives' salary cut will apply from May through August.
The non-unionized workforce will be required to take one week of
unpaid leave each month during that same period. The railroad has
about 37,000 workers and 85% are represented by unions.
Chief Executive Lance Fritz said he considered furloughs and
layoffs but decided on the required unpaid leave to get through the
next few months.
The railroad logged a 24% drop in the number of carloads and
intermodal containers shipped last week versus a year ago, and
shipping volume is down 22% in the second quarter.
Union Pacific reports its first-quarter results on Thursday.
(END) Dow Jones Newswires
April 21, 2020 17:21 ET (21:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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