💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Western Canada dock workers vote to accept contract offer

Published 08/04/2023, 11:30 PM
Updated 08/05/2023, 10:20 AM
© Reuters. FILE PHOTO: A worker walks to the Port of Vancouver as International Longshore and Warehouse Union (ILWU) union members returned to clear a backlog of containers and bulk cargo from a 13-day strike in Vancouver, British Columbia, Canada, July 20, 2023. RE

(Reuters) -Dock workers in western Canada voted to accept an improved labor contract after a month-long dispute that affected trade and disrupted operations at the country's busiest ports, their union said on Friday.

The vote was 74.66% in favor of the terms of the settlement, the International Longshore and Warehouse Union (ILWU) said in a statement.

Disagreements in contract negotiations have disrupted billions of dollars in trade, raising concerns about fueling inflation.

The union provisionally agreed to a new contract on Sunday, averting an immediate strike, but the agreement needed to be approved by workers.

The government had directed the Canada Industrial Relations Board to resolve the dispute after workers rejected a previous contract. Ottawa was seeking to keep two of Canada's three busiest ports - Vancouver and Prince Rupert - open.

Canada's Minister Of Labour Seamus O'Regan and the British Columbia Maritime Employers Association (BCMEA) confirmed that the ILWU had ratified the deal.

"The renewed collective agreement includes increases in wages, benefits and training that recognizes the skills and efforts of B.C.'s waterfront workforce, while providing certainty and stability for the future of Canada’s West Coast ports," the BCMEA said in a statement.

O'Regan said he had directed federal officials to review how a disruption on this scale unfolded, in order to ensure stability in the future and ensure a disruption of this scale does not affect Canada's supply chain again.

O'Regan's office said Saturday details of this review have yet to be determined.

Business groups welcomed the deal but called on the federal government to come up with new ways to deal with such disputes.

"Our supply chains are only as strong as their weakest link," Canadian Chamber of Commerce Vice President Robin Guy said in a statement.

"Following over 35 days of disruption to our West Coast ports, it’s time for Government to consider providing new tools that can be used in the face of labour disputes in sectors that are critical to Canada’s supply chain."

© Reuters. FILE PHOTO: A worker walks to the Port of Vancouver as International Longshore and Warehouse Union (ILWU) union members returned to clear a backlog of containers and bulk cargo from a 13-day strike in Vancouver, British Columbia, Canada, July 20, 2023. REUTERS/Chris Helgren/File Photo/File Photo

The ILWU, which represents about 7,500 dock workers, had been negotiating for months with the BCMEA.

Disagreements over pay and a proposal to expand the union's jurisdiction to regular maintenance work on terminals led to a 13-day strike in July.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.