VSPs. ✓ The requisite number of shares will be sold by each of the employee groups to create an aggregate $150 million “VSP pool”. ✓ There will be three (3) separate VSP offerings to all active IAMAW members, including those in the MEPP. ✓ Each VSP offering will be limited to a maximum value of $50 million. The IAMAW share of each VSP offering will be 31.77% ($15.89 million). ✓ Any unused portion of an employee group’s VSP pool will revert to their “pensioner pool”. ✓ The first VSP will be offered in 2024, a second offered between 2026 to 2029 and a third offered between 2030 to 2037. ✓ There must be a minimum of 24 months between each VSP offering. Air Canada has sole discretion over which month the VSPs will be offered. ✓ All IAMAW member with at least 10 years of continuous service as at the date of the VSP will be eligible. ✓ Acceptance will be based upon bargaining unit seniority. ✓ The company cannot prevent any eligible member from receiving a VSP for any reason. ✓ VSPs will comprise two (2) weeks wages per full year of completed company service to a maximum of fifty-two (52) weeks. ✓ The number of VSP packages to each union will be limited by the amount of money available in their respective VSP pool at each offering. ($15.89 million for the IAMAW)
VSPs. Employees with ten (10) or more years of Company service will be offered a Voluntary Severance Package consistent with the Airports and Technical Services VSPs.
