Welfare Fund income shrinks as ITF expenditure nearly doubles

Shipping’s largest union has reported a decline in the size of its Welfare Fund.

The International Transport Workers’ Federation (ITF) Welfare Fund is largely made up of contributions from shipowners and managers as part of the industry's collective bargaining agreements (CBAs). The fund pays for the ITF's global inspectorate, which protects the interests of seafarers, and provides financial reserves to secure the union’s future.