The BC Government has calculated the Economic Stability Dividend (ESD) for 2018. The BCGEU has confirmed these calculations.
Under the terms of our Memorandum of Understanding with public sector employers, the ESD will produce a 0.4 per cent increase on all wage rates, effective the first pay period after February 1, 2018. Combined with the 1% General Wage Increase effective on the same date, the total increase to pay rates will be 1.4%
The ESD was negotiated in collective agreements covering workers in direct government, health, social services, crown corporations, universities, K to 12 and other post-secondary institutions. This percent applies to all collective agreements with this memorandum. The ESD is included in several collective agreements the BCGEU negotiated in 2013 and 2014.
The Economic Stability Dividend is calculated on the variation between the actual growth in provincial real Gross Domestic Product (GDP) and the projected real GDP growth, provided by the provincial Economic Forecast Council. Real GDP is adjusted for inflation and is measured by Statistics Canada. It's published on a provincial basis in their report titled Real Gross Domestic Product at Market Prices in November of each year.
Similar calculations will be conducted over the next two years and could lead to ESD pay increases in February of 2019.
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