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November 7th 2013 marks the effective date for significant changes to our salaries resulting from the July 5, 2013 Arbitration Award. Moving forward, all FIs should see the benefits of an annual wage increase of 2% as well as the restructuring of the pay grid and the roll in of the Chief Financial Officer Transition Allowance at the FI-03 and FI-04 levels.
Please ensure that these wage increases are accurately reflected in your upcoming pay. You can refer to this guide for an explanation of the changes and its impact on your rate of pay. Should you have any questions or believe that your rate of pay may have been miscalculated please contact an ACFO labour relations advisor at 613-728-0695 or email@example.com.
Voluntary Severance Decision Making
Now that most measures in the new FI collective agreement have been implemented, the next phase of the implementation timeline is to consider the impact of the changes to the voluntary severance provisions of the Agreement.
Departments have until December 30, 2013 to provide you with the necessary information to make a decision with respect to your severance payout, including your period of continuous employment and corresponding payout calculation. You will have until March 30, 2014 to inform your Department of your preferred payout option. Please note that if you fail to advise your Department of your choice of option by March 30, 2014, your payout will automatically be deferred until retirement or resignation.
Although the Association does not provide financial or tax advice to our membership, we have arranged for experts on voluntary severance provisions to help our FI community understand the financial impact of these changes, explain your options, and outline aspects to consider in order to make the best decision for your individual circumstances.
A schedule of upcoming voluntary severance information sessions (about 30 min. long) in and around the National Capital Region is available here. If you are interested in scheduling a group presentation either in the NCR or in the Regions, please contact firstname.lastname@example.org.
If you have any questions regarding the information in these presentations, we encourage you to contact your financial advisor.
Retro Pay & Tax Implications
By now you should have received your lump-sum payment for all retroactive pay owed for the 2011 and 2012 economic wage increases. We recommend that you discuss the financial and tax implications of the retroactive wage increases with a qualified professional. Certain lump-sum payments totaling $3,000 or more (including retroactive pay increases resulting from an arbitral award) are eligible for a special tax calculation on your income tax filing. This could allow FIs to apply the retroactive pay increases to the year in which they were earned. It you wish to take advantage of this option, request CRA Form T1198 from your human resources advisor.
As always, labour relations advisors are available to answer questions on an individual basis at email@example.com or by phone at 613-728-0695 (toll-free 1-877-728-0695).