Saturday, July 31, 2004
Yahoo! News - Algoma Steel employees ratify new three-year labour agreements: "The unionized workers, 2,500 members of Steelworkers locals 2251 and another 500 at local 2724, voted yes to a settlement reached earlier this week with Algoma that sets out wage increases totalling seven per cent, along with cost of living adjustments and $10,000 in advance profit sharing.
Workers will also be able to access renewed pension windows and will enjoy better pensions once they do retire, the Steelworkers said.
The company will make a $30-million pension contribution to the plan for members of 2251 and a $10-million contribution to the plan for members of 2724.
'We could not have achieved this kind of an agreement if we did not have the outstanding support of the membership,' the Steelworkers' bargaining committee said in a letter to members. 'A 96-per-cent strike vote gave the company a lot to think about, especially when it is doing so well this year.' "
Workers will also be able to access renewed pension windows and will enjoy better pensions once they do retire, the Steelworkers said.
The company will make a $30-million pension contribution to the plan for members of 2251 and a $10-million contribution to the plan for members of 2724.
'We could not have achieved this kind of an agreement if we did not have the outstanding support of the membership,' the Steelworkers' bargaining committee said in a letter to members. 'A 96-per-cent strike vote gave the company a lot to think about, especially when it is doing so well this year.' "
