We have a collective agreement!
The Financial Services Regulatory Authority (FSRA) bargaining team is pleased to announce that we have ratified our collective agreement with the FSRA Employer.
The new agreement will last three years—from April 1, 2022 to March 31, 2025. It includes wins on the issues that members prioritized—including across-the-board increases, improvements to health benefits, and flexible work protections.
Read highlights of the agreement below!
Highlights of the collective agreement
Term
- A three-year term from April 1, 2022 to March 31, 2025
Compensation increase of 9.5% over three years
- Under the new agreement, AMAPCEO-represented employees at FSRA will receive following retroactive, across-the-board compensation increases:
- 3% on April 1, 2022
- 3.5% on April 1, 2023
- 3% on April 1, 2024
- Annual merit pay provisions will continue.
- All retroactive salary increases—including increases to merit pay—will be paid within 120 days.
- Former employees will have up to one year after ratification to request their payment of their retroactive across-the-board payment.
Major improvements to health benefits
A new Health Care Spending Account
- Under the new agreement, the Employer will establish a one-time Health Care Spending Account (HCSA) for each permanent employee (whether full-time or part-time) enrolled in the Supplementary Health and Hospital and/or Dental plans.
- The HCSA is not an insured benefit. It is over and above the current insured plans.
- HCSAs can be used for either, or both of:
- eligible medical expenses as defined in the Income Tax Act. These include many items not covered by insured plans, such certain types of medical equipment and some paramedical providers (e.g., in-vitro fertility treatments); and/or
- out of pocket expenses under the insured plans where the expense is eligible under the Act (e.g., if an employee spends $90 on a registered massage therapist, and is reimbursed $35 under the insured plan, the employee can choose to apply $55 from the HCSA to the expense to achieve full reimbursement).
- HCSAs will be funded for $525 for 2024 and $525 for 2025, for a total of $1,050, with carry over provisions to apply.
Benefits
- Long-term income protection (LTIP)
- The Employer will pay 100% of the monthly premium costs for LTIP.
- Supplementary health and hospital insurance
- The Employer will pay 100% of the monthly premiums for basic Supplementary Health and Hospital Insurance, including vision and hearing aid coverage.
- Diabetic coverage includes continuous blood glucose monitors and flash glucose monitors.
Your right to flexible work protected
- Protections surrounding Alternative Working Arrangements continue to apply.
- Under the new collective agreement, FSRA employees will maintain:
- the right to request Alternative Work Arrangements (AWA), including remote work;
- the right to have those requests considered in good faith and in light of their operational viability; and
- crucially, the right to dispute denial of those requests.
Changes to Pregnancy and Parental Leave to reflect revised legislation
- Pregnancy and Parental Leave Articles have been amended to reflect several changes to the Employment Standards Act and the Employment Insurance Act–including an additional week of leave at 93% of your salary after your EI benefits have ended but before you return to the workplace.
- For the Employment Standards Act, most of the changes took effect immediately following the implementation of the legislation and the changes in the agreement are housekeeping to update the agreement to reflect the legislation.
- For the Employment Insurance Act, the changes are to the top-up program and will take effect 90 business days after ratification.