Members at IWA Forest Industry Pension Plan Achieve Wage and Benefit Increase
After a short and productive round of bargaining, the 28 MoveUP members who work at IWA Forest Industry Pension Plan Ltd. have signed off on a new collective agreement that includes increases to wage and benefits.
“Our members work hard and it’s great to see a deal that recognizes the value of their work,” said Union Representative Barry Hodson.
The five-year agreement will run until August 31, 2019, with wage increases each year: 3 per cent (2014), 2 per cent (2015), 2.5 per cent (2016), 2.5 per cent (2017) and 3 per cent (2018). In addition, members will receive signing bonuses, including $400 this September, $1000 in 2015, $700 in each of 2016 and 2017, and $600 in 2018. The combination of wages and signing bonuses comes out to an average increase of 20.5 per cent in the five years of the deal, so members will also be increasing their pension contributions by 3.5 per cent.
Coverage for specific benefits will also be going up. Vision care coverage will go to $400 from $250 every two years. Acupuncture coverage was doubled to $200 coverage per year. And the health spending account has been increased from $350 to $450. Further, the lifetime maximum for benefits will be increased from $60,000 to $100,000.
“This deal will help them support themselves and their families and avoid financial hardship in case of illness or injury. And that’s a good thing for everyone,” added MoveUP President David Black.