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>> The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining tab
by ethbr1 2y ago
>> The union says it has reached a tentative agreement on wages and will go back to work on Friday until 15 January, when they will return to the bargaining table to negotiate "all other outstanding issues".
>> Under a tentative agreement workers’ wages would go up by 62% over the next six years, according to US media reports. The union had been calling for a 77% wage hike, while USMX had previously increased its pay rise offer to almost 50%.
Hmm, if a +8.4% yearly wage increase was feasible, then it seems like workers were being underpaid relative to the profit their work generated.
- johnnyanmac 2y agomore like 7.2% if it's compounding (important distinction. Especially if they are going to try to "layoff" people in the next 1-2 years). But yes, a large part of the argument was the wages not keeping up with the crazy inflation at all. inflation surged to 8.3% in 2022 so this isn't necessarily some crazy pay raise as opposed to getting back what they were making pre-pandemic.
- ethbr1 2y ago1.072^6 would be an effective 51.8% total raise after six years, no?
- johnnyanmac 2y agoOh yeah, you're right. I was calculating off the original deal of 50% before they raised it to 62%. Apologies.
- ethbr1 2y agoFull disclosure: I originally eyeballed it, then felt bad about being imprecise, double checked my memory of the compounding formula, and calculated it out. ;)
- xpl 2y agoMost people are underpaid if we consider the global 'productivity-pay gap' phenomenon (since the 1970s, wages haven't been growing as much as productivity)...
- dialup_sounds 2y agoThey were being paid according to the previous contract negotiated in 2018, which included a ~11% wage increase over the duration. https://www.usmx.com/assets/content/public-resources/2018-2024_USMX-ILA_MASTER_CONTRACT_BOOK.pdf https://www.usmx.com/assets/content/public-resources/2018-20...
- johnnyanmac 2y ago11% over 6 years? that's basically a cost of living adjustment. No wonder they are so outraged.
- killingtime74 2y agoFor people who don't want to click the earlier duration was 6 years