The IAPE and Dow Jones bargaining teams have reached a tentative agreement for all IAPE represented Factiva employees.
Details on membership meeting sessions and the ratification process will follow shortly, as we expect to schedule sessions to explain this deal and answer all your questions for the upcoming vote for ratification. In summary, Factiva will fold into the Dow Jones contract as the Factiva contract expires on December 31, 2008.
What will you be gaining in the New Contract?
Current Factiva employees will maintain the option of "cashing-in" a full week of pay in lieu of vacation through 2009.
If you already have 6 weeks of vacation, or will attain 15 years of service by 12/31/2008 you'll keep six weeks of vacation until you leave the company.
The current work-from-anywhere Factiva agreements will continue, unchanged.
A 3% compensatory wage increase on February 1, 2009, along with a cost of living adjustment (if applicable) based on the rate of inflation over the past year.
Minimum payment for premium pay (working on your regularly scheduled day off) will jump from 3.5 hours to 5 hours. If you work 5 hours or more on your day off, the minimum jumps to 7 hours.
Seniority pools may be deepened as Factiva and Dow Jones employees with the same job titles, locations and departments meld into the same seniority lists.
Employees who might lose a job due to outsourcing will receive an additional 4 our weeks' severance pay and up to $12,000 in retraining allowances.
Shift differentials will increase from the current $81 a week for overnights or early morning starts to $85 a week and will increase from $69 a week to $75 a week for working an evening shift.
Stand-by pay will be $150 per week, $40 dollars a day for weekends or holidays and $160 for a week that includes a holiday, up from the current $145, $36 and $159.
What will you be losing in the New Contract?
The day after Thanksgiving will not be a company-paid holiday after 2008.
Revenue sharing provision in force for 2005, 2006 and 2007 will expire on 12/31/2008.
"Cashing-in" provision at full week's pay will not be offered to all employees after 2009.
All these items that Factiva will be losing are subject to negotiation in the next IAPE - Dow Jones contract in 2010.
With the recent changes at Factiva (the Dow Jones buy out of Reuters and the subsequent News Corp acquisition of Dow Jones) we believe a single contract is our best option to protect essential gains we've made in past Factiva contracts and ensure that we share in the improvements achieved in the IAPE Dow Jones contract.
As always, if you have any questions, let us know.