What’s on the table: The Truth about Sustainability

December 13, 2019

WHAT’S WRONG WITH CO-OP WANTING TO BE SUSTAINABLE?

Nothing, if only it were true.

Co-op has never been in a situation where it has lost money.

Since 2016 began, Co-op Refinery has made $3 billion in profit, which accounts for 86% of FCL’s net profits.

If gutting our pensions is what it takes for Co-op to be sustainable, those executives really need a math tutor.

Forcing all of us onto a DC pension plan would save the Company $8 million in liabilities and eliminating our savings plan will only save it $4 million a year. To put this in perspective: the Refinery made $1.4 billion dollars more than projected in the last three years. The profits over projection alone would cover the basic service costs for those two benefits for 116 years.

If the Company agrees to give Refinery workers choice between switching to a DC pension plan or staying on the DB pension plan we were promised and half of us switch to a DC plan, the liability instantly drops from $8 million to $4 million. Add in the aforementioned $4 million for the savings plan commitments and you’re at $8 million total. Now 116 years becomes 175 years!  

Lock us out over $8 million dollars? To be sustainable – yeah, right.

= $240 million dollars lost by locking us out and running the plant at 60% capacity for six months
= $100s of millions to implement the untested Business Continuity Plan ( BCP) – scab camps, lost production, helicopters, campaign of misinformation

Co-op’s fight is not about financial sustainability. It is about power. About weakening a workforce and union. About racing to the bottom.

They say:
– Refinery workers need to do their part to help ensure the Company remains sustainable in the future.
Co-op needs Refinery workers’ help … again.

We say:
– How much is enough?
– 75 years of consistent profits should inspire confidence, not fear-mongering.
– Record profits should mean security for workers.

There is always be enough to respect Refinery workers.

Please see our response to the question “Why do you disagree with the Company wanting to be sustainable? / What’s wrong with the company trying to stay competitive?” here: http://www.unifor594.com/ unifor-594-frequently-asking-questions- faq/



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