Members at Saint John Airport have taken the fight for good quality pensions to heart.
Negotiations have not gone smoothly and the employer filed for conciliation in May. The bargaining team re-evaluated their package of demands and withdrew all proposals except one –the want of a good quality defined benefits pension plan.
At the airport, there are two different types of pension plans: defined benefit and defined contribution. The basic difference between the two is simple. Defined benefit plans are managed by an investment company, gives you a fixed monthly payment for life and, upon your death, allows your spouse to continue to be looked after. Defined contribution plans are self-managed and there are no guarantees to your monthly earning upon retirement.
According to Statistics Canada, almost one-third of individuals aged 70 and over had to work. Reasons like this are why UCTE members have made the need the fight for good quality pensions for all workers a priority.
The Saint John Airport Authority can lockout its workers as of September 7th. They have not responded to this demand despite it being on the table since the beginning of negotiations.
All that the dedicated workers at Saint John Airport are looking for is peace of mind when it comes to their retirement.