IAPE Raises Boosted by 0.25%
/As announced today by the Dow Jones compensation team, the negotiated compensatory raise for eligible IAPE-represented employees has been increased by a quarter-percent to 2.75%. The “upside protection” language in the IAPE/DJ contract has finally paid off.
Under the terms of Article IV of the collective agreement between IAPE and Dow Jones, whenever the “standard merit increase guidance for non-IAPE corporate staff” exceeds the raise negotiated by IAPE and Dow Jones, that negotiated percentage will be boosted to match the corporate rate. The negotiated compensatory increase for 2021 was 2.5%
Dow Jones has confirmed that pay raises, effective July 1, will be calculated and paid on the July 15 pay date, with one day of work (June 30) paid at 2020 rates, and the rest of the pay period at new rates. There will be no requirement for retroactive pay.
IAPE-represented employees hired prior to May 1 are eligible for one of three types of negotiated pay raise: the adjusted compensatory increase of 2.75%, a scale advancement for employees paid according to our introductory pay scales or, for full-time employees earning gross wages of less than $1,000 per week, a minimum-dollar weekly raise of no less than $25. IAPE-represented employees are always entitled to the largest of these pay hikes.
A second negotiated compensation component will also be affected by today’s pay adjustment. In 2019, Dow Jones and IAPE negotiated a series of annual lump sum payments with 2020 and 2021 payments targeted at 0.5% of pay as of June 30, and dependent on the funding level of the management bonus pool. However, today’s 0.25% increase in the 2021 compensatory raise also requires a reduction in the 2021 target bonus.
The lump sum payment will be lowered from 0.5% to 0.25% subject to a further adjustment based on the funding for the management bonus plan. Lump sum payments will be issued in August at the same time as management bonuses are paid.
Tomorrow: Steward 101
As IAPE prepares to discuss future pay raises during new contract negotiations in 2022, it is imperative for the union to beef up its steward ranks. If you’re interested in becoming an IAPE steward to advocate for your fellow members, please register for tomorrow’s Steward 101 class. In this half-hour Zoom session, we’ll cover the role and rights of a steward as well as the best practices to properly represent and empower your fellow members. Please join us, tomorrow at 2:00 p.m. EDT!
Happy Holidays!
Thursday, July 1 is Canada Day. Any IAPE-represented employee in Canada who is required to work on July 1 is entitled to Holiday Pay: time and one-half for any regularly scheduled hours, and double-time for any hours in excess of your regular day – plus another day off, or an additional day's pay, at the discretion of the Company.
Similarly, Sunday, July 4 is Independence Day – but because the holiday falls on a Sunday, employees in the United States will have Monday off. IAPE-represented employees in the U.S. who are required to work on Monday are entitled to the same Holiday Pay benefits described above with one exception: for all holidays worked after July 3 in any calendar year, the choice between an additional day off or day’s pay rests with the employee.
Holiday Pay must be claimed via Workday.
Wherever you’re celebrating your mid-year holiday this year, we hope you have a safe and enjoyable day! The IAPE office will be closed on Monday, but we’ll be back and ready to tackle the second half of 2021 bright and early on Tuesday morning.