On Saturday, employees at Teck Cominco‘s (TEK-T) Trail, British Columbia, smelter complex ratified a new four-year collective agreement including a 6% wage increase over the term and improved pension and early retirement opportunities.
The old deal had expired in May, but workers remained on the job during the summer.
The new deal applies to 1,481 unionized employees represented by the United Steelworkers of America at Trail and runs to May 31, 2005.
The deal includes rescinded layoffs and an early retirement option running from November 1 until the end of the contract. The company had issued 87 layoff notifications in July; they were to take effect in November. The workforce reduction will now take place through early retirements.
According to Reuters, wage increases under the pact include a $250 payment in place of retroactive pay and a signing bonuses of $1,000 in the first year and two later payments of $500. Wages will increase by 1% in the first and second year of the deal and 2% in the third and four years.
During the recent third quarter, Trail rang up $59 million in earnings, up from the $56 million recorded in the third quarter of 2000. The increase is thanks to increased power sales, which hit 444,000 MWh, compared with 157,000 MWh the previous year. The power price averaged US$143 per MWh, down from US$170 a year earlier.
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