Workers at Ont. cement plant strike over pension demands
BOWMANVILLE, Ont. — Dozens of workers set up picket lines outside the St. Marys Cement plant in this eastern Ontario town on Sunday over proposed changes to their pension plan.
The walkout follows two months of intensive negotiations between the Canadian Auto Workers and the Toronto-based company.
Currently, the workers have a defined-benefit plan, meaning the amount of their pensions is fixed.
Similar plans across Canada have found themselves deeply in the red in recent years, mostly due to low interest rates, leaving companies which sponsor the plans scrambling to make up the shortfall.
CAW national representative Keith Osborne said the company wants to change the plan structure to a defined-contribution plan, which could mean lower benefits on retirement.
