Labour negotiations: information and updates for employees

Find the latest updates and Bank of Canada communications, answers to frequently asked questions, and other related content.

The Bank has been in contract negotiations with two bargaining units under PSAC Local 71250, representing a total of 49 Security Officers in Ottawa and Montréal. An agreement with the Montréal bargaining unit, covering 7 of the 49 officers, has now been reached. The Bank remains committed to negotiating an agreement with the Ottawa bargaining unit.

The previous collective agreement expired in December 2024. Bargaining for new collective agreements took place from April 2025 to November 2025. When the Bank and the union could not reach agreements, the process moved to conciliation at the Bank’s request. Conciliation lasted from February to June 2026.

The labour disruption began in both locations on June 23, 2026. It has ended in Montréal following ratification of the Montreal agreement, while the labour disruption continues in Ottawa.

Latest Ottawa proposal

For the Ottawa bargaining unit, the Bank of Canada’s latest proposal was shared on September 4, 2026.

This document is posted in the original language in which it was shared with the union. Consistent with the collective bargaining process, and out of respect for the ongoing Ottawa negotiations, translation will occur only after a collective agreement for the Ottawa bargaining unit has been finalized. A French version will be posted at that time.

Update: Agreement with Montréal Security Officers

As of September 29, 2026, the agreement with Montréal Security Officers has been ratified, bringing the labour disruption in Montréal to an end. Montréal Security Officers will return to work for their scheduled shifts during the week of September 28.

The agreement covers a three-year term and provides salary increases in line with the rest of the Bank. The union has also agreed to the Bank’s earlier proposal to undertake a third-party review of the Security Officer role at the Agency Operations Centres (AOCs) using the job evaluation process that applies to all roles at the Bank.

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While the labour disruption in Montréal is now resolved, there is no change in status at Head Office, and the Bank continues to negotiate in good faith toward an agreement with PSAC’s Ottawa bargaining unit.

One key issue remains:

• the overtime issue when a security officer is moved to a different post in Head Office in Ottawa during their shift.

The Bank values the contributions of all employees. We are committed to the collective bargaining process and to working with the union to negotiate a fair settlement.

The Bank will not, under any circumstances, compromise the safety and security of our employees, our buildings and the assets we protect on behalf of Canadians.

Bargaining timeline since labour disruption began

Frequently asked questions

September 29, 2026

What does the Montréal agreement mean for Ottawa?

Separate bargaining units represent Montréal and Ottawa Security Officers. The Montréal agreement therefore applies only to the Montréal bargaining unit and does not change the status at Head Office.

The Bank continues to negotiate in good faith with PSAC toward an agreement for the Ottawa bargaining unit.

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Has the Bank responded to the Ottawa bargaining unit’s proposals?

Yes. The Bank continues to participate in negotiations with the Ottawa bargaining unit and respond in good faith to its proposals. See the labour negotiations timeline for information about the exchanges and meetings between the parties.

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When will Montréal Security Officers be back at work?

For Montréal Security Officers, the Bank is putting its reintegration plan into action following ratification of the agreement. For Ottawa Security Officers, the Bank will share return-to-work information once an agreement is reached and the labour disruption ends.

Following a return to work, schedules, overtime and duties will be managed under the applicable collective agreement and based on operational needs.

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How was the issue of the Montréal Security Officer job grade resolved? How does the job evaluation process work?

Roles are reviewed periodically, particularly when responsibilities have changed over time. Because the Montréal Security Officer role had not been formally reviewed in several years and the issue was raised during discussions, the Bank offered to conduct a review. In accordance with our usual practices, an independent third party will conduct the evaluation using the job evaluation process that applies to all roles at the Bank.

The Bank uses a job evaluation process that helps ensure similar roles are evaluated fairly and consistently across the organization. The methodology has also been reviewed and approved by the Pay Equity Committee, which included eight Bank employees—three of whom were Security Officers—and one non-Bank employee nominated by PSAC.

The Bank proposed having the Montréal Security Officer position reviewed through this process and committed to accepting the outcome. The proposal also allows for a union representative to participate in the review and provide input, helping to support transparency.

September 21, 2026

How does the Bank compensate Security Officers in Ottawa?

At Head Office in Ottawa, the Bank employs two levels of Security Officers (Job Grades 13 and 14) and offers a competitive total compensation package that includes base salary, performance pay, comprehensive health and insurance benefits, and an indexed defined-benefit pension plan.

Security Officers work a 40-hour work week, and salaries vary based on experience and progression through the salary scale.

As of January 1, 2024, annual base salaries range from $69,598 to $78,288 for Job Grade 13 positions and from $77,309 to $86,962 for Job Grade 14 positions, depending on salary step.

The Bank's compensation approach is designed to attract and retain skilled Security Officers and reflects the full value of both pay and benefits.

September 1, 2026

What if I am concerned about how people will treat each other when we return to work?

As people return to work, we want everyone to feel welcomed, supported and able to reintegrate in a respectful way. During the labour dispute, people made individual choices based on their personal circumstances. Everyone is expected to treat those choices with respect and avoid judging, questioning or commenting on them.

The Bank's Code of Business Conduct and Ethics, as well as our workplace harassment and respectful workplace policies, continue to apply and provide clear expectations for behaviour. If you experience or witness unfair treatment, exclusion, harassment, comments about strike-related choices, or any other inappropriate conduct, speak with your manager, Human Resources, or your union representative. Concerns will be taken seriously and addressed in a fair and timely manner.

We recognize that returning to work after a labour dispute can bring a range of emotions and concerns. By listening to one another, communicating respectfully, and focusing on our shared goals, we can help support a professional and respectful return to work.

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Can I buy back service in the Pension Plan for the period that I was on strike?

Yes. After you return to work, you will be given the opportunity to buy back service for the duration of the strike.

The cost of the buy back is two times your normal employee contribution, which is the formula that applies for an unpaid leave of absence.

The amount would be between 16% and 19% of the salary you would have earned during the strike. The cost to do so depends on which plan design you are in and your salary level.

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How did the Bank respond to the CIRB’s rulings on replacement workers?

The union challenged the Bank’s use of external security support before the Canada Industrial Relations Board (CIRB).

When the CIRB issued its orders, the Bank complied with both and stopped using the external security support as directed. The Bank has not used replacement workers since July 23.

The replacement-worker provisions are new, and questions about how they apply are still being tested and clarified through cases like ours.

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Why did the Bank use replacement workers during the labour disruption?

The Canada Labour Code allows the use of replacement workers in certain situations, including when it is reasonable to expect there is a serious threat to the health or safety of a person or a threat of damage to property or premises. This is what the Bank’s security officers do – protect against threats to the Bank’s property and people.

Because these provisions are quite new, the Bank understood that the exceptions would apply in this situation and allow it to engage a small number of security professionals to help secure its facilities.

The Bank believed its use of external security support was necessary to protect its people and property, but the CIRB reached a different conclusion. The Bank awaits the Board’s reasons for that order.

After the first CIRB ruling, the Bank ended its contract for services and believed that it had stopped using replacement security professionals to perform the duties of security officers.

To secure the premises, it made use of an existing agreement with another provider to maintain basic perimeter surveillance, which is not a duty normally performed by Security Officers.

When the union complained and the CIRB determined that even those services were not necessary to protect people or property, the Bank immediately complied and ended their use.

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Why is the Bank so focused on operational flexibility?

Security work does not always go as planned. Someone may be away unexpectedly, in training, or needed at another post at Head Office. An urgent or emergency situation may also mean that the Bank must act right away. The Bank’s proposal is about making sure it can respond quickly in those situations to keep security coverage in place.

When an immediate security need arises, the Bank may need to adjust coverage during an officer’s scheduled shift by moving them between posts at Head Office. This is about responding quickly when circumstances change with the officers we have on site.

The goal is not to avoid overtime where officers work more than their scheduled hours in a week. It is about effectively using the people we have on site to make sure the Bank can respond quickly for legitimate operational reasons when immediate action is needed.

August 26, 2026

What resources can I access during the strike?

The following resources are available to support you:

• Employee and Family Assistance Program (EFAP): You and your family continue to have access to confidential EFAP support, including counselling, financial guidance, and resources to help manage stress or other personal and family concerns. Call 1‑833‑707‑4747 to speak with a counsellor or schedule an appointment. See Helping you navigate workplace disruptions for more information.
• Return-to-work support: Employees returning from a labour disruption will receive information and support to help with their reintegration. This includes opportunities to raise workplace concerns and access HR support if needed.

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Is parental leave or seniority part of the dispute?

No. The Bank is not proposing changes to maternity or parental leave, or seniority.

• Maternity and parental leave: No. The Bank was not proposing an overall reduction to maternity or parental leave benefits. The Bank’s proposals on top-up related to changes to the federal EI program, which reduced the waiting period from two weeks to one week. The proposal was to match the top-up to the new, shorter waiting period while also enhancing caregiving leave benefits. The goal was to improve the overall benefit offering, not reduce it.
• Seniority: The Bank has never proposed changes to seniority. The Bank has told the union this and has offered to add wording to confirm it.

August 19, 2026

Did the Bank intentionally violate the CIRB’s order when it brought in a second third party?

No. While we did not have reasons from the first order to tell us exactly what we could and could not do, the Bank believed that it would be permitted to have at least a basic level of deterrence by parking security cars outside its buildings.

The Board member issued a second order directing the Bank to stop this activity and we complied immediately.

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Why did the CIRB order the Bank to stop using replacement workers?

We are not sure why the order was made, because the Board member has not yet issued reasons explaining the decision.

Because provisions on replacement workers are still fairly new, there is not much guidance available on how they apply, and when exceptions can be made to protect people and property. The Bank took immediate steps to comply with the CIRB order once it was issued.

We are eagerly awaiting the reasons from the CIRB to understand what the Labour Code requires and why the Board member did not believe that the Bank could use replacement workers in a limited way to protect its people and property. We have taken steps to allow us to ask a court to review the order if we decide it is necessary.

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Why did the Bank bring in a third party?

With the union withdrawing services, we had a duty to maintain a minimum-security posture to protect the remaining people in the building, the building itself, and our assets.

The Bank’s intention was to maintain a minimum level of protection for the building, not replace Security Officers.

The restrictions on replacement workers in the Canada Labour Code are not absolute, and they allow for exceptions in certain circumstances. We believed that the exceptions would apply to a situation like ours, where there were known threats to the safety and security of our people, facilities, and critical assets.

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Are there any changes to seniority?

No. We are not proposing any changes to the collective agreement language for seniority or date of hire, and we have been very clear that we are open to adding more wording to ensure that is the case.

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Is the Bank trying to take away all overtime?

No. The Bank is not proposing to eliminate all overtime. You will continue to receive overtime pay when overtime is approved by management and you work beyond your scheduled full-time hours.

Our proposal is focused on a specific scenario at Head Office: when an officer who is already on duty is reassigned to a different location within the building during their scheduled shift. The union says this triggers a need to call someone on the overtime list. In the Bank’s view, this kind of reassignment does not require calling in another officer from the overtime list.

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Why is the Bank trying to cut costs knowing it could impact Security Officers?

We know this has been a difficult period, and discussions about costs can feel personal. We are not targeting Security Officers.

The Bank is part of a broader spending review process driven by the federal government, which requires us to reduce our budget by 15% by the end of 2028. To meet this goal, we have reduced more than 200 positions, but we also need to manage other costs.

In Security, overtime expenses are high. We need the proper tools to manage these costs while keeping our people, buildings, and operations safe.

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Why does the Bank need to move officers to different work locations?

There are many reasons, ranging from officers sometimes having to miss shifts due to illness to needing to respond to situations affecting our security. We need to be able to adjust our security posture using the resources available.

Our proposal is intended to address a specific situation at Head Office where the union says overtime should be paid. For example, if another officer calls in sick during a shift and you are already on duty at Head Office and can cover that post on a temporary basis, the Bank should be able to reassign you to another location within the building for any portion of your shift, rather than having to call in another officer who is not on duty, which would require overtime pay. You would remain at Head Office, work your regularly scheduled hours, and continue performing your duties.

The goal is simply to confirm flexibility to manage our staffing needs within Head Office during a scheduled shift.

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Is the Bank participating in negotiations at the bargaining table?

Yes. We continue to actively participate in the bargaining process because we want it to end with a fair deal for both sides.

We have attended all scheduled bargaining sessions and engaged in ongoing discussions with the union. We have also participated in discussions and meetings with both the conciliator and mediator, who are guiding the parties toward a resolution.

We have continued to propose different options to move things forward and are ready and willing to work through remaining issues so you can get back to work.

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Why is the Bank communicating with us now?

You are our employees and we want to keep the lines of communication open.

We respect the bargaining process, and at this point we want to make sure that you really understand the issues that are prolonging the strike.

We are focused on communicating directly and factually so you have the information you need.

Direct communications with Security Officers

July 17, 2026

Bank of Canada sends Update for Security Officers.

August 17, 2026

Bank of Canada sends Update for Security Officers and Clarification for Security Officers.

August 26, 2026

Bank of Canada sends Update for Security Officers.

September 10, 2026

Bank of Canada sends Update for Security Officers.

Contact

Security officers should talk to their union bargaining team for more information.

If you have further questions, contact

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