The Ontario College Faculty and the College Employer Council have reached a mediated settlement on compensation following the overturn of Bill 124 by the Courts.
The settlement, which covers 16,000 full and part-time faculty represented by OPSEU, provides salary increases of 3% in the first two years of the contract and 3.5% in the final year.
This includes the 1% that had originally been awarded under the bill.
It also provided significant increases to paramedical benefits.
The 24 Colleges themselves reported a cumulative surplus of $2 billion dollars since 2017, including $650 million alone this year.
The College Faculty begin their next round of bargaining in less than a year.