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Canadian Pacific Railway reaches collective agreement with 3,000 workers

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Canadian Pacific Railway trains sit idle on the train tracks due to the strike at the main CP Rail trainyard in Toronto on March 21, 2022. anadian Pacific Railway Ltd. says it has signed a two-year collective agreement with about 3,000 union members. The new deal comes out of binding arbitration amid concerns over a pressing labour shortage throughout the Canadian transport sector. THE CANADIAN PRESS/Nathan Denette

CALGARY — Canadian Pacific Railway Ltd. says it has signed a two-year collective agreement with about 3,000 union members.

The new deal comes out of binding arbitration amid concerns over a pressing labour shortage throughout the Canadian transport sector.

The agreement applies to about 3,000 CP Rail locomotive engineers, conductors and yard workers represented by the Teamsters Canada Rail Conference.

Calgary-based CP Rail says it includes an annual 3.5 per cent wage increase in 2022 and 2023 on top of increased benefits.

CP Rail says it and Teamsters Canada agreed to enter binding arbitration in March to resolve issues centering around wages and pensions.

CP Rail CEO Keith Creel says the company is continuing to work with its union partners to reach an agreement that meets the needs of its workers, customers and the North American supply chain.

This report by The Canadian Press was first published Aug. 15, 2022.

Companies in this story: (TSX:CP)

The Canadian Press