Reducing Financial Burden During Job Action

Following the rejection of the mediator’s recommendations by teachers, Provincial Executive Council held an emergent meeting and decided not to provide strike pay directly to members from the Special Emergency Fund (SEF). Due to the way SEF is structured and funded through member dues, it is unlikely it would allow for meaningful support to individual members during a provincial strike. With all members potentially out at the same time, this would be an inefficient form of forced savings as any funds used would need to be replenished, typically, from member dues.
 
Without strike pay, members who do not have many savings to rely on may need to seek other methods to reduce potential financial burdens. The following list contains some that members can explore to assist them financially should a strike occur:

1. Mortgage lenders and banks may offer short-term mortgage relief options where clients can reduce their payments, temporarily pay only the interest or pause their mortgage payments. Contact your mortgage lender to see what options they offer in periods of low or no income.
2. Contact your creditors (banks, vehicle loans, student loans, credit card company, etc) and inquire about any hardship programs they may offer. Some may allow clients to defer payments or reduce interest rates temporarily.
3. Contact your bank regarding a debt consolidation loan to help reduce your monthly payments.
4. Utility providers (power, gas, internet, cellular, etc) may also offer temporary relief of payments upon request or allow the discontinuation of service (eg, cell phone or internet) temporarily and reinstate the service without a fee later. Make a list of your utilities providers and contact each to see what hardship relief they can offer.
5. Members with property taxes coming due might consider contacting the municipality to explore options to defer the payment.
6. Members who are billed monthly by their municipality for water, sewer, garbage and so forth should contact the town or city office and request to speak to the financial services department about any available options for residents experiencing financial hardship.

 
Other than contacting lenders and services as noted above, members might consider focusing only on essential spending for now. The money saved by eliminating or reducing discretionary items such as meals out, entertainment and travel can be set aside in savings as a financial cushion should strike action occur.
 
WORTH SHARING
 Currently, there is uncertainty about possible labour action for teachers, which is creating anxiety for some, especially as it relates to their finances. It is recommended members be proactive and explore options available to help reduce financial burdens should strike action take place. Many lenders, creditors and other billing agencies provide options to customers experiencing financial hardship. Members can also be more mindful of their spending habits now and start tucking some funds away should they need them in the future. #WeAreATA

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