Call it the Great Reset. Across the US, labor unions are winning surprisingly large contract settlements as workers have reset their expectations to demand considerably more than they did just a few years ago, and that has in turn pressured many corporations to reset – and increase – the pay packages they are giving in union contracts.
Definitely a win in the short term view. But that isn’t a win in the long term scale. That’s just a reset to normal. A long term win would be ensuring they receive appropriate raises for the next two decades and more
Stopping something bad from happening is always a good thing. If your house is burning, getting out is still a win even if you are now homeless.
From what I read in another post it can be as much or more than 33% after the end of those years due to cost of living increase, so it looks like that is factored in the contract as well.