Workers at Postmedia have voted overwhelmingly in favour of a merger with the Colleges of Applied Arts and Technology (CAAT) Pension Plan.
“In this time of crisis in the media sector and the growing uncertainty workers are facing, our members will now have a more secure and stable pension to rely on when they retire,” said Unifor National President Jerry Dias. “This is a significant gain for our journalists and media workers who perform such a vital public service and play a huge role in our democracy.”
Postmedia 87-M members voted 97.4 per cent in favour of the pension merger, which will take effect on July 1, 2019 and will apply to Postmedia members with defined benefit pensions as well as those with defined contribution pensions.
Everyone with a pension at Postmedia will be going back to a defined benefit plan under CAAT’s new DBplus plan. It’s the same plan that Torstar members enrolled in when they approved a merger last fall.
The move to this stronger and more stable public pension plan will also provide Postmedia members with cost of living inflation protection that was not previously available to most of them.
Additionally, the merger will result in savings for the employer. The employer is still required to contribute to the plan, but will save money on costs associated with pension administration and solvency payments.
“I am really happy with this outcome,” said Unifor Local 87-M President, Paul Morse. “This is a win-win situation for both employees and employers, and we encourage other employers in the industry whose workers we represent to consider similar pension mergers.”
Local 87-M represents workers with 37 different employers – including newspapers, magazines, television and publishing houses such as the Globe and Mail, The Toronto Star, The Toronto Sun, Sing Tao, Maclean's magazine, The London Free Press and CTV.
Members include reporters, editors, photographers, videographers, graphic artists, computer technicians, printing, advertising, circulation and finance staff.