Vancouver, BC – (Unceded Territories of the Musqueam, Squamish and Tsleil-Waututh Nations), Aug. 16, 2022 (GLOBE NEWSWIRE) -- The agreement guarantees MoveUP members working at Community Savings Credit Union will receive a minimum 12 per cent increase in their salaries over the next four years. Additionally, they benefit from a CPI-rate linked provision to safeguard employees against increasing inflation and an unstable economy. This progressive provision proposed by Community Savings Credit Union and accepted by MoveUp members states that if the posted average Bank of Canada CPR rate (based on the 12-month period from the previous year) is greater than the scheduled pay increase, Community Savings Credit Union will guarantee an annual percentage increase of the difference up to a maximum of a 5 per cent total annual increase.
The agreement comes as inflationary pressures continue to burden employees across the country, and protective measures are needed. The wide-ranging 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, improved bereavement leave, an increased health spending account, an increased personal travel allowance and increased vacation entitlement.
Community Savings Credit Union prides itself on prioritizing the needs of its members alongside its team. It hopes that the agreement, which was ratified on July 29th 2022, will encourage other employers within British Columbia to follow suit in reforming the status quo insofar as workers’ rights and benefits are concerned.
“There is no better feeling than offering a creative solution that will continue to improve the lives of our team members. Particularly in a time when we see so many working people negatively impacted by the current high inflation environment.” says Kirsten I’Anson, VP of People & Culture at Community Savings Credit Union.
“We are extremely proud of the results these negotiations have brought for everyone at the union, making sure that workers have wage guarantees as the cost of living increases is crucial in these volatile times ,” said Graeme Hutchinson, MoveUP Secretary-Treasurer.
The agreement comes as inflationary pressures have increased the cost of living for many workers across British Columbia, with no sign of abating. Although current inflation rates continue to hover around 8.6 per cent, the collective agreement is set to protect workers at MoveUP and Community Savings Credit Union.
Community Savings is delighted by the outcome of this collaborative process and looks forward to working with MoveUP to help its mutual 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 each member and our passion lies in empowering our members to achieve their financial goals. Being member owned and operated, Community Savings invests into our communities by supporting local charities and non-profit organizations to help create stronger and more vibrant communities. To learn more, visit https://www.comsavings.com/
