2018 Economic Stability Dividend Announced!
On November 9, 2017 the Ministry of Finance issued a news release announcing a modest general wage increase of 0.40 per cent, in the form of an Economic Stability Dividend (ESD), for unionized public sector employees.
The dividend will be paid to unionized staff at UVic covered by ratified collective agreements settled under the current bargaining mandate.
The payment date of the 2018 dividend (0.40%) will be May 1, 2018 for all eligible faculty and librarian Association Members.
Our Collective Agreement states the following in Appendix A:
Payment will be made concurrent with the General Wage Increases on the first pay period after respectively May 1, 2016, May 1, 2017, May 1, 2018 and May 1, 2019.
This means that Members will see a General Wage Increase of 1.00% (as bargained), plus the ESD of 0.40% on May 1, 2018. This is in addition to the bargained increase that will be applied on July 1, 2018, which includes the negotiated 0.50% + MI + CPI (CPI values are $1,245 for faculty and $1,100 for librarians).
Please see attached Ministry of Finance Economic Stability Dividend Q&As for more information on the ESD.