EXCLUSIVE Biden's emergency board calls for railroad wage hikes to resolve contract talks - Reuters

President Joe Biden's emergency board tasked with helping major freight railroads and unions end a contract negotiation stalemate proposed on Tuesday annual wage increases of between 4% and 7% through 2024, according to a report seen by Reuters.

The board also recommended in its 119-page report set to be made public as early as Wednesday a 3% retroactive increase for 2020 and 3.5% for 2021, when the rail workers did not have a contract, along with five $1,000 annual bonuses and an additional paid day off.

The report's proposal represents a 22% nominal wage increase during the five-year period, the report said.

"The president is optimistic the report will provide a good framework for successful negotiations between the parties over the next 30 days," the official said, adding the recommendations were delivered to the White House and the parties.

Work stoppages are prohibited for 30 days following the issuance of the presidential emergency board (PEB) report to give the two sides time to reach a voluntary settlement.

"To avoid a national rail shutdown, it is in the nation's interest that the parties reach a prompt resolution," the White House official said.

"It is in the best interest of all stakeholders for the parties to reach agreements that provide our employees with well-deserved pay increases and prevent rail service disruptions," Union Pacific said in a statement.