The maritime union has avoided a mega lawsuit after it struck a deal with the Victoria International Container Terminal (VICT).
VICT says disruptions over union disputes at the Port of Melbourne had set its development back by two years at a cost of $80 million.
The agreement preserves flexible rosters around the terminal’s highly automated container systems.
60 more jobs will be added at the terminal along with significant pay rises.
Some workers will receive a 46.5 per cent pay increase over the four years of the agreement.
The company’s $117,600 minimum wage for permanent staff at the dock places them in the top 20 per cent of income earners in Australia.
Staff will receive on average 3.5 per cent annual pay rises for the next four years.
VICT has lost $296 million since operations started in 2017 through to 2019.
In a statement, VICT said, “continued threats of unnecessary industrial action will put the project, employment creation opportunities, and the financial viability of VICT and its stakeholders at risk.”
The company is expected to commence construction this year on a $227 million expansion project that will increase operational capacity by 50 per cent.
This project is on top of the total audited non-current asset investment of $1.36 billion between 2016 and 2019.
“During the past 10 months some of our Customers experienced disruptions and we would like to thank them for their ongoing commitment to VICT during this period.”
“We are confident that continued stability will provide the necessary assurances of continued and uninterrupted service delivery at VICT.”