VSB Economic Stability Dividend

Tuesday, November 21, 2017

Last week, all School Districts were advised by BCPSEA that the ESD (Economic Stability Dividend) increase that will be applied in May 2018 is 0.4%.

As a reminder, the ESD is calculated based on 50% of the positive difference between the Economic Forecast Council (EFC) Gross Domestic Product (GDP) forecast and the data released by Statistics Canada. Statistics Canada recently reported that the BC economy grew by 3.5% in 2016, exceeding the forecast provided by the EFC of 2.7%. The difference of 0.8% translates into an increase of 0.4% for unionized provincial public sector employees who have reached agreements under the Government‘s Economic Stability Mandate for collective bargaining, which includes the K-12 Provincial Framework Agreement.  Members covered by these agreements will receive the dividend effective May 1, 2018. The dividend is cumulative and is in addition to the general wage increases contained in the Provincial Framework Agreement.