Strike Financial News

A strike among B.C. cargo loaders at some of Canada’s biggest ports might push prices higher for consumers across the country if the work stoppage stretches much longer, experts say.

Ford Motor Co. of Canada confirmed Sunday its members had ratified a three-year contract with the automaker, setting the pattern for upcoming talks with General Motors and Stellantis.Unifor and Ford reached a tentative agreement Tuesday after extending a strike deadline by 24 hours.

It’s been a central argument for the United Auto Workers union: If Detroit’s three automakers raised CEO pay by 40 per cent over the past four years, workers should get similar raises.

port dispute, including a commitment by employers to train workers to perform maintenance on new equipment.Contracting out of maintenance work to third parties had been one of the most contentious issues during the months-long dispute between the International Longshore and Warehouse Union Canada and the BC Maritime Employers Association.The four-year agreement also contains several terms about workers’ compensation.They include increases in the “Modernization and Mechanization retirement lump sum,” bringing that payout to $96,250 in 2026 for eligible retirees, over and above normal pension entitlements.The union representing about 7,400 workers said last Friday its members voted almost 75 per cent in favour of ratifying the new deal, ending a dispute that included a 13-day strike and halted movement of cargo worth billions.The deal features general wage increases of five per cent annually for the next two years, and four per cent for the two years after that.Those raises will boost hourly wages to a base rate of $57.51 by 2026.The new terms commit employers to “provide appropriate training to Journeyman Tradesperson … on how to perform regular maintenance work (within) the scope of their trade on new equipment and existing equipment.”

strike continues Sunday morning, and talks have resumed after a 33-hour negotiation period failed to find a deal on Friday and Saturday.Late Sunday afternoon, the International Longshore and Warehouse Union (ILWU) Canada provided an update in a press conference.“I was in hopes that sometime (Sunday) or earlier we would be coming with a better announcement but we do not have one,” Rob Ashton said, ILWU Canada’s national president“When all Canadians were asked to stay home and stay safe — our people had to go to work 24 hours a day, seven days a week in unsafe conditions. Longshore workers stepped up in this historic time.“Our employers gorged themselves on record profits.

“Major damage” to the economy — that’s how experts describe the potential impact of a looming strike among cargo loaders in British Columbia.

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