Lobster fishermen have high hopes for new price formula

Newfoundland & Labrador’s Standing Fish Price Setting Panel is implementing a plan proposed by the Fish Food and Allied Workers union which lobster fishermen hope will pay them more as markets recover from the recession. Under the formula, the harvester’s share of the market return increases at higher market levels. Fishermen will receive a minimum of $3.30 when lobsters are selling at $5 a pound, 70 per cent of any incremental amount above that base up to $6, and 80 per cent of any incremental amount greater than $6 per pound. The new formula is binding on all lobster buyers in the province.

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