No Result
View All Result
Success American Investors
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Success American Investors
No Result
View All Result
Home Investing

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

by
October 5, 2024
in Investing
0
US dockworkers end strike after securing six-year, 62% pay rise
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

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

Previous Post

Oil prices see biggest weekly surge in a year as middle east tensions escalate

Next Post

GB News faces ‘significant’ fine after losing High Court battle over Ofcom sanctions

Next Post
GB News faces ‘significant’ fine after losing High Court battle over Ofcom sanctions

GB News faces ‘significant’ fine after losing High Court battle over Ofcom sanctions

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest
Vertica: The new Israeli start-up challenger to Viagra proving ‘life-changing’ for men with ED

Vertica: The new Israeli start-up challenger to Viagra proving ‘life-changing’ for men with ED

February 14, 2024

Last Day to Give in 2023!

December 31, 2023
Idaho Bucks Managed Care Trend

Idaho Bucks Managed Care Trend

December 5, 2023

The Producer Price Index

September 9, 2023
I Shot the Tariff (But I Swear It Was in Self-Defense)

I Shot the Tariff (But I Swear It Was in Self-Defense)

0

0

0

0
I Shot the Tariff (But I Swear It Was in Self-Defense)

I Shot the Tariff (But I Swear It Was in Self-Defense)

June 6, 2025
Getting It Half-Baked: The Real Cause of Cannabis Market Failures

Getting It Half-Baked: The Real Cause of Cannabis Market Failures

June 6, 2025
GOP Cuts and State Budgets

GOP Cuts and State Budgets

June 6, 2025
How to Eliminate Waste, Fraud, and Abuse in Medicare

How to Eliminate Waste, Fraud, and Abuse in Medicare

June 6, 2025

Recent News

I Shot the Tariff (But I Swear It Was in Self-Defense)

I Shot the Tariff (But I Swear It Was in Self-Defense)

June 6, 2025
Getting It Half-Baked: The Real Cause of Cannabis Market Failures

Getting It Half-Baked: The Real Cause of Cannabis Market Failures

June 6, 2025
GOP Cuts and State Budgets

GOP Cuts and State Budgets

June 6, 2025
How to Eliminate Waste, Fraud, and Abuse in Medicare

How to Eliminate Waste, Fraud, and Abuse in Medicare

June 6, 2025

Disclaimer: SuccessAmericanInvestors.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.

  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 SuccessAmericanInvestors. All Rights Reserved.

No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 SuccessAmericanInvestors. All Rights Reserved.