ST. JOHN'S, N.L. — Lobster fishermen in Newfoundland and Labrador hope a new pricing formula for their catch will pay them more as markets recover from the recession.
The province's Standing Fish Price Setting Panel is implementing a plan proposed by the Fish Food and Allied Workers union.
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.
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