US port workers end strike after reaching wage agreement
(VOVWORLD) - The three-day strike that disrupted shipping across ports on the US East Coast ended on Friday after a preliminary wage agreement was reached between the International Longshoremen's Association (ILA) and the United States Maritime Union (USMX).
 (Photo: Reuters) |
The agreement includes a wage increase of approximately 62% over six years. Both parties confirmed that the contract will initially be valid until January 15, 2025, after which further negotiations will address any remaining issues.
The strike stemmed from a wage dispute, with the union demanding a 77% raise over six years, while employers initially proposed a 40-50% increase. The strike caused widespread disruption to shipping operations, with analysts from JP Morgan estimating that it could cost the US economy up to $5 billion per day