Canadian Pacific (CP: Quote, CP.TO) said that it requested the Federal Minister of Labour appoint a conciliator to assist in progressing discussions on a new labour agreement with the union which represents the company's Canadian train crew employees and rail traffic controllers.
The company said that it said that it is seeking to achieve changes to legacy pension and post-retirement benefits to make them industry-comparable. CP has contributed $1.9 billion of solvency deficit contributions to its pension plan over the past three years.
The company noted that its existing contract with the union, which represents 4,800 engineers, conductors and rail traffic controllers, expired on December 31, 2011 . CP has been in negotiations since early October 2011 with the union on a number of topics ranging from wages to work rule changes and pensions, all intended to further drive service, productivity, and efficiency. No unions, including this one, are in a legal strike position, the company said.
The average conciliation process can last between 80 and 90 days.
Click here to receive FREE breaking news email alerts for Canadian Pacific Railway Limited and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org