The University of Waterloo and the Faculty Association of the University of Waterloo hereby agree to the following two-year salary settlement for the period May 1, 2002 to April 30, 2004:
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A scale increase of 2.6% effective May 1, 2002.
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A one-time Excellence Award effective May 1, 2002 to be distributed in addition to the annual selective salary increases in accordance with Article 13 of the Memorandum of Agreement (MoA) by treating the Selective Increase Unit (SIU) as being 500 units greater than what it would otherwise be, that is, 2618 ´ 1.026 + 500 = 3186, where 2618 is the current value of the SIU (effective May 1, 2001). It is understood that this Excellence Award affects the salaries permanently but does not affect the value of the SIU permanently, that is, the permanent increase in the SIU shall be limited to 2.6% in accordance with Article 13 of the MoA. However, it is hereby agreed that the salary floors and thresholds shall be increased permanently by 3% effective May 1, 2002.
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A scale increase of X% effective May 1, 2003, where X% shall be equal to the 2002 annual average percentage change (January to December) in the Canada Consumer Price Index to be specified by Statistics Canada in January 2003.
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A one-time Excellence Award effective May 1, 2003 to be distributed in addition to the annual selective salary increases in accordance with Article 13 of the Memorandum of Agreement (MoA) by treating the Selective Increase Unit (SIU) as being 500 units greater than what it would otherwise be, that is equal to 2686 ´ (1 + X%) + 500, where 2686 shall be the value of the SIU effective May 1, 2002. It is understood that this Excellence Award affects the salaries permanently but does not affect the value of the SIU permanently, that is, the permanent increase in the SIU shall be limited to X% in accordance with Article 13 of the MoA. However, it is hereby agreed that the salary floors and thresholds shall be increased permanently by (X + 0.4)% effective May 1, 2003.
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Extension to April 30, 2009 of the option to exchange 1 week of vacation allowance for a one-time 2% increase in salary when within three years of retirement.