A striking analysis from comrade Richard Chen:
The container terminal makes margins of 30%. The profit is about 400 million US dollars a year. (Numbers are from documents supplied by the dockers union).
The largest estimate I’ve seen of the number of people who work at the terminal, including crane operators, lashers, checkers and truck drivers, is about 3,000 people.
Let’s imagine that the Port makes “only” a 15% return on investment, a profit of $200 million. That is still an incredibly generous return (inflation in Hong Kong is about 3.6%). That leaves $200 million to be distributed to the dock workers. Divide up 200 million dollars amongst 3,000 people . . . that comes out to a raise of $65,000. PER PERSON. That’s assuming everybody works full-time and you don’t have to divvy the money up amongst part-timers – that would make the raise even higher. So the dockers could get a raise of MORE THAN THREE HUNDRED PERCENT. Everybody on that dock should make wages like they do in the ILWU. That is still assuming Li Ka Shing makes $200 million a year.
Meanwhile management is offering 9 percent. I’m just saying.