TORONTO Trinity Times Investments last minute pension grab is a gamble for more concessions from Air Canadas unions that threatens the airline and its workers, CUPE Air Canada Component president Pamela Sachs said today.
Since day one Trinity knew that the unions made huge financial sacrifices to Air Canada in exchange for a signed agreement protecting our defined benefit pension plan, said Sachs. We did that under instructions from our members, as part of a collective agreement ratified by our members, and signed by the employer as part of a court-approved process.
What part of a deal is a deal does Trinity not understand? The investor clearly knew we had a signed pension protection guarantee from Air Canada when it made its investment offer in November. It knew when it made a second offer in December.
Trinitys assertions that the unions have not fully understood Trinitys pension grab proposal is outrageous. The February 5 Trinity proposal is what Air Canada tried to get in the last round of bargaining in 2002. We know exactly how it will strip pension benefits and retirement security from our members and we have communicated the reasons for rejecting its proposal repeatedly to Air Canada and Trinity, Sachs said.
Weve given out of our pockets to secure the future of the company, said Sachs. All we ask in return is for our members to continue to retire with dignity collecting the benefit from their own deferred wages. If Trinity is serious about Air Canada it will have to respect the deals the airline has made and behave responsibly with Canadas national airline.
Alejandra Bravo (416) 798-3399 ext. 270, cell (416) 305-8095