Hydro One professional workers will get shares in the newly privatized utility as well as raises and a lump sum payment, but the Liberal government says the deal is "net zero."
Energy Minister Bob Chiarelli says savings "derived from hiring flexibility" and "significantly increased" pension contributions from the employees will offset the increases in the three-year ratified deal with the Society of Energy Professionals.
The Liberal government plans to sell off 60 per cent of Hydro One, starting with a 15-per-cent initial public offering, but the enabling legislation removed virtually all public oversight from the utility and the sale process, before any shares were sold.
The sale is expected to raise about $9 billion, $4 billion of which the government has said will be used for public transit projects and the rest to pay down hydro debt.
The value of the shares the Hydro One workers are to receive won't be calculated until the IPO proceeds, said a spokeswoman for Chiarelli.
The Society of Energy Professionals employees will get a number of shares equal to two per cent of their 2015 salary.
This deal follows an agreement between Hydro One and the Power Workers' Union, which will see them get shares equal to 2.7 per cent of their base pay every year from 2017 to 2028.
New employees won't be eligible for shares, but will still have to contribute more to their pensions.
