KSCU and Steelworkers Union ratify agreement
After reaching a tentative agreement on November 23, the respective bargaining principals for Kootenay Savings Credit Union and United Steelworkers Locals 9705 and 1‐405 have now ratified the terms of a renewed collective agreement. Both parties’ bargaining teams unanimously recommended acceptance.
Today, Kootenay Savings’ Board of Directors voted to accept the new four year agreement, while the majority of bargaining unit employees also voted in favour of the deal.
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 salary package includes $2000 in cash bonuses for each employee, along with wage increases totaling 3.5% over a four year term.
Improvements were also made to a number of employee benefits, and each employee’s Health Care Spending Account was increased by an additional $300 annually.
“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,” said President & CEO Brent Tremblay.
“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.”
Unionized employees will return to work the morning of Wednesday, Nov. 30, and all unionized branches will resume regular operations at 12:30 p.m. that afternoon.