Striking Deal: U.S. Dock Workers Secure Wage Hike

U.S. dock workers ended a three-day strike by approving a tentative wage hike deal, easing port disruptions on the East and Gulf Coasts. The agreement, negotiated between the ILA and USMX, promises a 62% wage increase over six years, prompting resumption of port activities halted since Sunday.

The recent three-day strike by U.S. dock workers and port operators, which significantly disrupted shipping along the East and Gulf Coasts, has concluded. This development follows a tentative agreement between the International Longshoremen's Association (ILA) union and the United States Maritime Alliance (USMX) for a 62% wage increment over six years.

Both parties have decided to extend the master contract until January 15, 2025, allowing negotiation of unresolved issues. As per their joint statement, all job actions unilaterally cease, and work resumes under the Master Contract. Prior to the strike's resolution, 45 container ships awaited unloading, up from only three before.

President Biden's administration supported the union's call for higher wages, emphasizing the profitability of the shipping industry since the COVID-19 pandemic. Economists had warned that prolonged strikes could eventually lead to increased consumer prices, particularly for perishable items, as goods stagnated at ports.

(With inputs from agencies.)