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.
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.