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West Coast dockworkers are set for a 32% pay increase and a one-time "hero bonus" under a new contract agreement, marking a significant win for transport workers.
Under a tentative agreement with port employers, West Coast dockworkers are set to receive a 32% pay rise through 2028 and a one-off "hero bonus" for working during the pandemic. This agreement, which awaits ratification, follows a series of labor agreements leading to significant wage increases for transport workers. In addition to pay rises, the deal includes improved benefits and provisions, a result of over a year of intense negotiations. The deal is expected to alleviate concerns of trade disruptions and stimulate the return of cargo previously diverted away from West Coast ports due to labor uncertainties.
Source: The Wall Street Journal
New Ports Contract Would Raise Pay 32%, Bring Dockworkers $70 Million in Bonuses: This week’s tentative agreement at West Coast ports is the latest union deal to bring sizable wage increases to transport workers. ^WSJ #Business #Finance #CFO https://t.co/2tP8cTFnNB pic.twitter.com/uamhnH9iXu
— Rick Telberg (@CPA_Trendlines) June 16, 2023
The looming US East Coast port strike could disrupt 550,000 TEUs weekly, prompting shippers to turn to Canadian ports as a potential alternative.
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