ACFO tabled a wage proposal of a 3.5% per annum wage increases over four to six years during the May 17-19 bargaining session. The proposal is based on an evidence-based review of inflationary data, comparator groups in the public and private sector and increased pension contributions. ACFO has provided the employer with its initial business case detailing the merits for our proposal.
The business case provides a detailed breakdown, by classification level, of the dollar variance and percentage variance between FIs and other public sector occupational groups. The comparative analysis identified that internal equity in rates of pay is needed for all FI levels.
The review also showed a need for enhanced wage competitiveness to keep pace with the market wages in the private sector. Studies by the Hay Group and CPA Canada show a notable disparity between public sector financial officers’ wages and private sector compensation.
The real value of FI wages has fallen behind since 2010 due to rising inflation rates and increased pension contributions. This is a reality shared universally with all federal public service workers whose relative wages have seen steady erosion under a decade of austerity measures. A competitive wage adjustment is required to return this real value to our community, narrow the existing wage gaps and attract and retain qualified financial professionals in Canada’s public service.
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