Unionized Kootenay Savings branches will reopen at 12:30 p.m. on Wednesday following the ratification of a new four-year contract.
The exact outcome of the vote wasn’t released, but both bargaining teams unanimously recommended acceptance. The credit union board and membership both endorsed the deal on Friday.
Details of the new agreement, which expires Dec. 31, 2019, include:
- $1,000 lump sum bonuses in each of the first and second years;
- 1.5 per cent wage increase in the third year and two per cent in the fourth year;
- Resolution of the pension protection language issue;
- Improved vision care benefit to $300 bi-annually;
- Increased heath care spending account to $500 annually;
- Increased paramedical benefits from $200 to $500 annually but capping massage at $500 annually;
- Improved staff banking benefits;
- No change to hours of work;
- Return of third floater for full-time employees lost with the declaration of BC Family Day in 2013.
The renewed agreement contains additional pension protection by way of improvements to the existing retirement allowance.
The creation of a second retirement fund will provide an extra layer of protection for employees in the defined benefit pension plan while achieving a necessary financial limit on Kootenay Savings’ future pension costs, the credit union said.
“On behalf of our entire board of directors and senior management team, I am extremely pleased that both bargaining teams came together and worked diligently this past week to arrive at an agreement that was able to be fully supported by both parties,” president and CEO Brent Tremblay said in a news release.
“We understand this labour dispute has been disruptive and unsettling for some of our members, and created challenging circumstances for all of our valued employees. It is absolutely our priority to have our staff return to their regular positions, with a continued commitment to take ownership for meeting our members’ financial needs. As a member‐owned community credit union, our primary focus is to provide access to exceptional service and financial advice through a variety of delivery channels.”
“We returned to the table on Tuesday and the employer came back with a clear change in the approach to resolving the pension issue,” said United Steelworkers staff rep Dean Lott, the lead negotiator for the union.
“Their offer of a minimum annual contribution of $200,000 to cover any potential shortfall if pension changes were made gave our members comfort that their pension level would be protected while at the same time giving the employer certainty in their liability.”
With provincial mediator Dave Schaub’s help, once the pension issue was agreed to late Tuesday, the other outstanding issues fell into place on Wednesday, the union said.
The new deal followed a year of bargaining and a 27-day work stoppage that began Oct. 28.
The deal affects 110 employees represented by United Steelworkers locals 9705 and 1-405 at branches and offices in Trail, Fruitvale, Castlegar, Salmo, South Slocan, Kaslo and Kimberley.