In a landmark collective bargaining victory, members at Saint John Airport (YSJ) secured the right to a defined benefit pension plan, ensuring employees have a stable income in retirement.
Like many workers across the country, members at YSJ in Saint John, New Brunswick had previously seen their pension rolled back to a defined contribution plan which offers no guaranteed retirement income and shoulders employees with all the financial risk of their retirement investment.
All 25 members of the bargaining unit unanimously agreed that fighting to return to a defined pension plan would be their core demand at the table – and the move paid off.
“This is a big step towards securing their future,” said bargaining team member Chris Bussey. “The union provided a plan that works for both the employer and our members. At the end of the day, it is a win for everyone.”
“The message we’re sending to all employers is clear,” added PSAC National President Chris Aylward. “If you think defined benefit pensions can’t be restored, you’re wrong. We’ve proven that when we stand together, retirement security is never out of reach.”
Workers ratified the new five-year collective agreement – which also includes wage increases –February 7.