LETTER OF UNDERSTANDING

Between the

BRITISH COLUMBIA FERRY CORPORATION

And the

B.C. FERRY & MARINE WORKERS’ UNION

Wage Protection Provision

The parties agree that the wage schedules covered by this Collective Agreement shall be amended effective November 1, 2002 in accordance with the following:

 

1. The Consumer Price Index (CPI) to be utilized shall be that published by Statistics Canada affecting British Columbia with the 1992 base of 100.

 

2. The October 1, 2001 to September 30, 2002 increase in the British Columbia CPI (published in October 2002) shall determine the adjustment to the wage schedule effective November 2002. Adjustments will occur to each job rate by an amount equal to the increase in the CPI with each 1% increase, or portion thereof in CPI adjusting each job rate by 1%, or portion thereof. 3. If Statistics Canada changes its basis for calculating CPI, such changes shall be converted to provide the same benefits as are herein provided.