Strike votes to take place at the Bank of Canada

PSAC local 71250 representing 55 security officers at the Bank of Canada are initiating strike votes in December after being unable to come to an agreement during conciliation on November 27 and 28.

The major sticking points for the union include a wage increase that follows the pattern set by Treasury Board and the introduction of a pay grid.

“Security officers at the Bank of Canada have been in bargaining since February 2022 and are fighting for a fair deal while putting themselves at risk every day to protect and defend Bank executives, employees, and Canada’s central economic institution,” said Ruth Lau-MacDonald, Alternate Regional Executive Vice-President for PSAC’s National Capital Region.

The union is also seeking to address workplace challenges with respect to workload, workplace safety issues such as security officers working alone, and contracting out.

“The union feels as though it’s a liability to talk about how bad it has gotten—nobody would believe it. It’s a real health and safety issue. But the biggest concern for the security officers is how this impacts their ability to keep Bank of Canada employees and the Canadian economy safe.”

While the union is pressing for a wage increase that follows the pattern set by Treasury Board, the employer is refusing to consider such a proposal and is insisting on a much lower wage package.

“We have to keep in mind that security officers at the Bank know that 3.5 million dollars was doled out to 80 Bank executives in 2022, with the average bonus totaling $43,700 – or 60 per cent of what one security officer made that year,” added Lau-MacDonald. “Imagine watching your boss get a bonus worth more than half your yearly salary while you’re fighting at the table for increases that still fall below inflation.”

Since 2015, the number of executives at the Bank of Canada increased by 18 per cent yet staffing levels for security officers decreased 15 per cent from 55 to 47, with eight vacant positions that the employer has not filled in the last year and a half.

Strike votes are tentatively scheduled for mid-December.

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For further information please contact:

Chelsea Flook
Political Communications Officer, PSAC National Capital Region
Flookc@psac-afpc.com

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