The contract gives 375 employees an average pay increase of 24.8%, a retroactive nickel-price bonus averaging $8,000 and an indexed pension plan.
Over the next three years the average salary of clerical and technical staff will increase to $848.43 a week, or $44,000 annually, from $582.40.
The nickel-price bonus, dated back to the third quarter of 1987 provides an extra 10 cents an hour when the average realized sale price is $2.25(US) per hour.
“From the information I have received, it is one of the better contracts ever negotiated by a union bargaining committee,” said Ron MacDonald a staff representative at the United Steelworkers of America.
“Times are good and the company can afford to make some solid long-term financial commitments,” he said. Last year, Falconbridge, reported a record profit of $341.1 million or $4.57 per share and if base metal prices remain at current levels, 1989 could be even more profitable for the free world’s second largest nickel producer.
Other features of the deal include automatic cost of living roll-ins, 5.5% inflation protection and a 30-and-out pension clause regardless of age.
The contract also requires Falconbridge to inform the union, on request, of reasons for any work being contracted out to other companies.
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