Canadian Pacific (TSX:CP)(NYSE:CP) and the United Steel Workers (USW), Local 1976, representing approximately 800 clerical and intermodal workers, today announced that a five-year contract has been ratified with 87% of the membership voting in favour of the contract terms.
The new collective agreement begins in January 2013 and allows for wage increases of 3% in each of the next five years. It also reflects changes that help ensure the CP pension plan is sustainable for employees, current retirees, and CP.
"The members voted overwhelmingly in favour of the contract, especially given it provides good wage and benefit improvements," said Steven Hadden, President of USW local 1976.
"CP is pleased with this positive outcome as it includes provisions for productivity and efficiency enhancements," said Peter Edwards, CP Vice President of Human Resources and Industrial Relations.
The current contract was due to expire December 31, 2012.
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Canadian Pacific (TSX:CP)(NYSE: CP) operates a North American transcontinental railway providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit www.cpr.ca to learn more.
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