Hitachi, Unifor agreement includes DB, DC pension increases, enhanced health benefits
The union representing employees at a Hitachi Construction Truck Manufacturing Ltd. plant in Guelph, Ont. has ratified an agreement that includes pension and benefits gains.
Members of Unifor Local 1917 Hitachi unit members voted 95 per cent in favour of the three-year collective agreement, which includes a $0.25 contribution increase to the defined benefit pension plan, from $50.50 to $50.75 per month per year of service. In addition, members of the defined contribution pension plan will receive a six per cent company match at four years instead of at five years.
Read: GM Canada, Unifor agreement covers DB pension changes
The deal also includes improved health benefits, including increased spending in dental, eyewear and dispensing fee coverage and five days of paid domestic violence leave.
All non-skilled trades members will receive a six per cent raise in the first year of the contract, while skilled trades members will receive $2 raise in year one followed by an additional $0.50 raise in years two and three, respectively. The agreement also guarantees current members historic ‘no layoffs’ language for the duration of the contract.
“This is an incredible deal that you don’t see very often,” said Jerry Escott, president of Local 1917 and Hitachi plant chair, in a press release. “We’ve seen a lot of changes in Hitachi over the last couple of years. We went from 300 employees to 20 and were in danger of closing, but we’ll be building more trucks. This will start bringing workers back.”
Read: New collective agreements for FCL, GFL staff include benefits improvements
The World Health Organization has identified myopia as a significant public health concern. What is myopia and should plan sponsors be concerned?
A high-inflation environment is pushing Canadian pension plan sponsors toward alternative sources of fixed income, according to a white paper released by Coalition Greenwich. The...
The Caisse de dépôt et placement du Québec is backing McGill University’s launch of a sustainable growth initiative, a program dedicated to providing businesses with...
The real estate arm of the Ontario Municipal Employees’ Retirement System is entering a long-term strategic partnership to develop commercial laboratories in France. In the...
Only one per cent of institutional investors described their organizations as non-adopters of environmental, social and governance investing criteria, according to a survey from Capital Group. The...
Pension and retirement plan members in Saskatchewan can now designate beneficiaries through electronic means. The provincial government recently passed a series of amendments regarding the...
The union representing 700 employees at Resolute Forest Products has ratified an agreement that includes benefits gains. Unifor members working in Resolute’s paper mills voted...
More than a quarter (29 per cent) of global employees said their employers are focusing on supporting workers’ physical and mental well-being to address growing skills...
While U.S. employees say it takes $1.1 million in savings, on average, to retire comfortably, 56 per cent expect to have less than $500,000 saved,...
© 1998- Contex Group Inc. All rights reserved.
Contex Group Inc. 355, Sainte-Catherine West, suite 501 Montréal, QC H3B 1A5 (514) 392-2009