Unifor\u0027s win of defined\u002Dbenefit pensions for some Ford employees has some economists and experts predicting a new trend in labour. Read on.
Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.over five years was the first thing to catch most observers’ eyes last month when Unifor, the union representing 5,600 workers at Ford Motor Co. of Canada, ratified a new three-year contract with the automaker.The historic raise was certainly worthy of making headlines.
DB plans are generally indexed to inflation and, as in the case of the CAAT plan, provide benefits to survivors and qualified dependants of members. If a fund isn’t generating large enough returns to cover pension benefits on its own, employers are typically on the hook to make up the difference.“The history of defined-benefit plans is that they’ve been collectively bargained,” lawyer Murray Gold, a senior partner who specializes in pensions and benefits at Toronto-based Koskie Minsky LLP, said.
Several experts point to another key factor driving the DB resurgence: labour is having a moment. A tight job market has tilted the balance of power a bit more toward workers in recent contract talks, giving unions the leverage to successfully push for improvements to pension plans and other benefits.
Still, whether the new deal at Ford sets a template that other unions will follow remains to be seen.
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Why defined-benefit pension plans may be poised for a comebackUnifor\u0027s win of defined\u002Dbenefit pensions for some Ford employees has some economists and experts predicting a new trend in labour. Read on.
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