Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

US dockworkers end strike after securing six-year, 62% pay rise

by October 5, 2024
October 5, 2024
US dockworkers end strike after securing six-year, 62% pay rise

US dockworkers have agreed to end a three-day strike that brought shipping to a standstill along the east and Gulf coasts, after reaching a tentative six-year pay deal with the United States Maritime Alliance (USMX).

The strike, which began on October 1, halted container traffic at 36 ports from Maine to Texas, affecting major hubs like New York, Baltimore, and Houston.

Members of the International Longshoremen’s Association (ILA) union, representing 45,000 workers, walked out for the first time since 1977. The economic cost of the strike was estimated at up to $5 billion per day by JP Morgan analysts. Workers returned to their posts after the USMX agreed to a wage increase of 62% over six years. The deal represents a significant improvement over the employers’ earlier offer of a 50% rise.

Despite this resolution, the dockworkers have only suspended their strike until January. The union has said it will return to the bargaining table to negotiate on other issues, particularly automation, which the ILA fears will lead to widespread job losses.

President Joe Biden welcomed the agreement, emphasizing the importance of the dockworkers to the nation’s economy. “Today’s tentative agreement on a record wage and an extension of the collective bargaining process represents critical progress towards a strong contract,” Biden said. Vice-President Kamala Harris also praised the deal, reiterating the power of collective bargaining and the importance of fair wages for essential workers.

The strike began amid frustrations over automation projects at certain ports, which the ILA claims threaten employment. ILA President Harold Daggett, a vocal critic of these automation initiatives, warned the shipping lines that workers were indispensable. “We’re going to show these greedy bastards you can’t survive without us,” he said at the start of the walkout.

The strike exacerbated supply shortages, particularly in southern states struggling to recover from Hurricane Helene. Shipping lines and port operators were under pressure to resolve the dispute to ensure critical supplies reached affected areas. By midday on the third day, shipping companies agreed to the improved wage offer, paving the way for the tentative agreement.

The ILA’s success in securing a significant pay rise has drawn attention, as many dockworkers already earn six-figure salaries. Over half of the workers at the New York-New Jersey port reportedly earn more than $150,000 annually, with some earning more than $250,000. ILA President Daggett himself earned more than $900,000 last year and is known for his luxurious lifestyle, including owning a Bentley and a 76-foot yacht.

While the pay deal has averted an immediate crisis, negotiations over the future of automation at the ports are expected to be contentious as the union seeks to protect jobs amid evolving industry practices.

Read more:
US dockworkers end strike after securing six-year, 62% pay rise

0
FacebookTwitterGoogle +Pinterest
previous post
GB News faces ‘significant’ fine after losing High Court battle over Ofcom sanctions
next post
Oil prices see biggest weekly surge in a year as middle east tensions escalate

You may also like

London’s Productivity Decline Linked to Remote Work, Reports...

June 18, 2024

Hammerson divests £1.5bn stake in Bicester Village and...

July 23, 2024

Secrets of Success: Ben Snowman, VP of Partnerships...

February 11, 2024

Why You Should Use Market Research Services to...

May 24, 2023

Will UK Budget in March spark pension exodus?

January 6, 2023

House prices fall for second month in a...

July 17, 2023

Six Restaurants A Day Declared Insolvent – But...

August 4, 2023

FTX Bankruptcy – How Does it Impact Other...

December 14, 2022

Useful Tips to Clean Memory Foam Mattress &...

January 19, 2023

Australian property giant backed by Rupert Murdoch’s News...

September 2, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • GreenGeeks vs InMotion: Comparing Speed, Uptime, and Support

      July 10, 2025
    • Trump taps Sean Duffy to serve as interim NASA chief

      July 10, 2025
    • Rapidrop secures multi-million pound investment from BGF to fire up international expansion

      July 10, 2025
    • Watchdog backs Rubio’s sanctions on UN official over ‘shameful efforts’ targeting US, Israel

      July 10, 2025
    • Seizing AI’s Trillion Dollar Cyber Opportunity

      July 9, 2025
    • Biden doctor pleads the Fifth in speedy House closed-door interview

      July 9, 2025

    Categories

    • Business (8,431)
    • Investing (2,112)
    • Politics (15,988)
    • Stocks (3,197)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved