Workers Strike at St. Marys Cement In Bowmanville, Ont., Over Pension Demands
Workers held a strike outside St. Mary’s Cement in Bowmanville. The workers walked out due to their resistance to the changes the company plans for their pension plan.
In Bowmanville, Ontario, outside St. Mary’s Cement plantation, there are a number of employees that have initiated a rally by having picket lines that Sunday.
They are against the revisions in their pension plan.
Earlier, the workers resisted the plan, which made the Toronto-based company have negotiations with the Canadian Auto Workers.
At present, the pension plan of the workers is already defined, which means whatever amount it is that they are expecting to receive is already predetermined. That way, they are assured of the amount they are going to get when they retire.
Issues on pension plans are also present in areas all over Canada. They always have to deal with the problem on low interest rates. And so to compensate with the deficit that the workers are complaining for, the companies are left with no choice but to shoulder the plans.
Keith Osborne, CAW national representative stated that the company is opting to have the pension plans of the workers through a defined contribution plan that has lower retirement benefits. He also added that the benefits of the workers depend on the state of the market. It is the company’s way of being free from additional expenses, so they pass it to the workers, leaving them with lesser compensation over their years of service.
As of the moment, St. Mary’s Cement hasn’t released their side over this issue.St. Mary’s Cement is among Canada’s major mass producer and quarry, gravel and cement company.There are around ninety workers from the cement company who had no contract, have been unemployed since January 31.
Last Friday night when the workers walked out instead of listening to the proposed changes in their pension plan, Osborne clearly remarked in a membership meeting, that he expects the strike by the workers would take some time.
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