The Forbes editorial team, represented by the Forbes Union, is resigning from its job on Tuesday, the same day the financial publication plans to release its “30 Under 30” list of brands. The strike comes amid ongoing negotiations between the union and Forbes management over salaries and raises.

The Forbes Union, founded in 2021, represents around 100 writers, editors and other editorial staff at the outlet. Tuesday’s strike was first reported by Fox News.

The union is currently seeking a wage floor of $75,000, 8% annual raises and at least 15% raises for promotions; They also want bonus pay for weekend work and overtime. Forbes management, on the other hand, has proposed a minimum salary of $60,000, a 1% annual salary increase and a 5% minimum increase for promotions.

“(Forbes) CEO Mike Federle said at a recent town hall meeting that management is committed to getting a contract, but that it appears to be a long way off. That’s because of his actions and those of management,” Andrea Murphy, Forbes division chief and statistics editor, told Fox News. “We have been and will continue to be prepared to enter into this agreement, including payment that recognizes the value we bring to Forbes.”

Murphy added that Forbes’ proposed minimum wage of $60,000 was not good enough. “That’s just not a fair salary for the amount of work people do.”

Forbes did not immediately respond to TheWrap’s request for comment.

The strike was scheduled for the same day. Forbes planned to release 20 “30 Under 30” lists, with the annual lists highlighting young movers and shakers in various fields.

The Forbes Union has been working for three years with the help of the NewsGuild of New York to secure a new contract; The NewsGuild said Tuesday that Forbes employees were “showed disrespect and illegal, union-busting tactics” by the magazine’s management during that time.