HAMILTON, Ontario — Upset over stalled contract negotiations, members of the Local 1005 of the United Steel Workers of America said they withdrew more than $1 million of their assets from FirstOntario Credit Union Oct. 23.
The move is in support of an employee strike that started Oct. 20. More than 70 full-and part-time staffers took to the picket lines after six months of negotiations broke down. At issue are the employer's "demands for significant cuts" to the collective agreement, which include elimination of employees' accumulated sick leave benefits, elimination of post-retirement benefits, reduction of pension benefits, elimination of floating holidays, reduction in vacation entitlement, increased ability to hire part-time employees and students in place of full-time employees "and the list goes on," according to a statement from the Canadian Office and Professional Employees Union, of which Local 1005 is affiliated.
Credit Union Times attempted to reach someone with either union for further comment, but at press time, calls were not returned.
Recommended For You
"Our point is that Stelco workers–not just bargaining unit members but salaried workers too–built the Stelco Credit Union. FirstOntario took it over and they're forgetting what the roots of the credit union are and running it like a banking institution," Gary Howe, Local 1005 vice president, told the Hamilton Spectator.
In a statement, the $1 billion FirstOntario Credit Union said it "regrets that a negotiated contract could not be reached prior to the deadline."
"I am confident that our Members will understand that the COPE Local 343 is mandated to bargain for its unionized members," said John Lahey, president/CEO of FirstOntario. "Simply stated, FirstOntario and the COPE Local 343 see several key issues differently. While regrettable, it is not uncommon for two groups with different perspectives to take some time to settle on key issues. FirstOntario remains committed to negotiate a contract with the COPE Local 343."
As a result of the strike, three of the credit union's branches will be operated by management employees and a fourth branch will temporarily close. –[email protected]
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
