Posts tagged zero-interest loan
CALIFORNIA Teamsters to strike CSU over contract, pay disputes. What are impacts on Fresno State? Read more at: https://www.sanluisobispo.com/news/california/article314699198.html#storylink=cpy
February 16, 2026 // At dispute is an interpretation in the collectively bargained contract between the union and the CSU. The parties agreed that the salary increases were contingent on the state delivering funding through a five-year compact with the CSU, which included annual 5% increases. The state budget included a 3% reduction, about $144 million. It also included a one-time, $144 million, zero-interest loan that is to be paid back by July 1, 2026. The loan, according to the CSU, was offered to help bridge a temporary deferral of ongoing base funding until 2026–27. The union believes the CSU is fully funded, with the loan. The CSU believes that because the loan must be repaid, it cannot be used to support ongoing salary increases. It authorized the use of the loan for one-time payments to employees, subject to the collective bargaining process.