Don’t be fooled by all of the media coverage. The MTA is far from broke. The NY Post recently published an article talking about how we need to giveback to the MTA by contributing more to our medical. In 2018 the MTA put together a proposed budget for 2019-2021. Within that budget, the MTA is banking on the union to accept 2% raises for each year to meet their expectations.
In order to push this agenda, they have published a series of bogus financial plans that are far from their true financial position. Looking at the most recent financial statement it actually turns out that the MTA has a net worth of $4.748 BILLION dollars, even after factoring in ALL of their liabilities and operating expenses.
A 2% raise will not cut it, according to the consumer price index, inflation in NYC alone was 2.5% last year. Our base pay is already well below other agencies that serve the city. The only reform that needs to happen in this contract is one that benefits us!
The MTA can pay, they can give us a 20% raise and it would barely dent their financial position.
As always with business, “trust but verify” the information the party you are negotiating with puts out there.