Vancouver, BC – (Unceded Territories of Musqueam, Squamish and Tsleil-Waututh Nations), Aug. 16, 2022 (GLOBE NEWSWIRE) — The agreement ensures MoveUP members working at Community Savings Credit Union that they will receive at least a 12% salary increase over the next four years. In addition, they benefit from a provision linked to the CPI rate to protect employees against rising inflation and an unstable economy. This graduated provision proposed by the Community Savings Credit Union and accepted by MoveUp members states that if the average CPR rate posted by the Bank of Canada (based on the 12-month period of the previous year) is higher than the anticipated salary increase, the Community Savings Credit Union will guarantee an annual percentage increase of the difference up to a maximum of 5% of the total annual increase.
The deal comes as inflationary pressures continue to weigh on employees across the country and protective measures are needed. The far-reaching agreement includes a number of additional benefits for Community Savings employees, including a one-time $500 signing bonus for each employee, domestic and sexual violence leave, enhanced bereavement leave, an increased health spending account, an increased personal travel allowance. and the increase in the right to holidays.
Community Savings Credit Union prides itself on putting the needs of its members first alongside its team. He hopes the agreement, which was ratified on July 29, 2022, will encourage other B.C. employers to follow suit by reforming the status quo when it comes to workers’ rights and benefits.
“There is no better feeling than offering a creative solution that will continue to improve the lives of our team members. Particularly at a time when we see so many workers negatively affected by the current high inflation environment. says Kirsten I’Anson, vice president of people and culture at Community Savings Credit Union.
“We are extremely proud of the results these negotiations have brought to everyone in the union, ensuring workers have wage guarantees as the cost of living rises is crucial in these volatile times,” said Graeme Hutchinson, secretary-treasurer of MoveUP.
The deal comes as inflationary pressures have raised the cost of living for many BC workers, with no signs of abating. Although current inflation rates continue to hover around 8.6%, the collective agreement is intended to protect MoveUP and Community Savings Credit Union workers.
Community Savings is delighted with the outcome of this collaborative process and looks forward to working with MoveUP to help its mutualist members understand and make the most of their extended rights.
About Community Savings
Community Savings Credit Union is BC’s largest fully unionized credit union and is dedicated to being the credit union of choice within the working community. At Community Savings Credit Union, we are known for providing exceptional service to every member and our passion is to empower our members to achieve their financial goals. Being owned and operated by its members, Community Savings invests in our communities by supporting local charities and nonprofit organizations to help create stronger, more vibrant communities. To learn more, visit https://www.comsavings.com/