CNN and other media outlets in the United States recently reported that on October 3rd, local time, when the strike at the US East Coast Gulf ports entered its third day, the market suddenly received a major turnaround. The International Longshoremen’s Association (ILA) and the United States Maritime Union (USMX) have reached a preliminary agreement on wages, with wages rising by 62%. The docks will resume work on Friday (October 4th)!
According to the latest wage increase agreement, striking members of the International Longshoremen’s Association (ILA) will return to work at the port on Friday (October 4th). The union announced the news on Thursday evening because the union and management representing shipping companies, terminal operators and port authorities have reached a preliminary agreement on wages. People familiar with the matter told CNN that the agreement on wages means that dock workers will receive an hourly wage increase of $4 per year during the six-year contract.
The International Longshoremen’s Association (ILA) has agreed to extend its contract with the United States Maritime Union (USMX), a management group representing shipping companies, terminal operators and port authorities. The agreement, which was due to expire on Monday, will now be extended to January 15, 2025 while union members work on final details and put them to a vote by frontline dockworkers.
