That would raise average wages to about $63 an hour from $39 an hour over the life of the contract.
The union and the port operators said in a statement that they would extend their master contract until Jan. 15, 2025 to return to the bargaining table to negotiate all outstanding issues.
https://xcancel.com/MorePerfectUS/status/1841973125996585431
https://www.reuters.com/world/us/ship-queue-grows-us-ports-dockworker-strike-enters-third-day-2024-10-03/
It's not a pay cut if you're getting an 8% raise YoY when the historic average inflation is closer to 3% and 2024 is shaping up to be lower than that, with 2025 forecast to be lower than 2024.
If they repeat this 6 years from now, they could be making $200k+ annually soon enough, that's a huge amount of money for your average person.