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The union representing roughly 3,000 Canadian Pacific Railway Ltd. employees across Canada has ratified a two-year collective agreement that includes pension enhancements and increased benefits.

Read: Arconic, Unifor agreement protects workers’ DB pension plan

The agreement will allow members of the Teamsters Canada Rail Conference to join CP Rail’s pension improvement accounts and includes a 3.5 per cent wage increase in 2022 and 2023.

According to a CP Rail spokesperson, the pension improvement accounts allow workers to share investment gains above a long-term sustainable rate of return, noting each participating union has its own account, tracked by a third party, and can decide how and when to use it.

“CP welcomes the conclusion of arbitration and is pleased to have completed this agreement with the TCRC Negotiating Committee,” said Keith Creel, president and chief executive officer at CP Rail, in a press release. “We continue to work with our union partners to reach agreements that meet the needs of our industry-leading railroaders and allow us to grow our business as we provide essential services for our customers and the North American supply chain.”

Read: Workers back on the job at noon after CP Rail and union agree to final arbitration

CP Rail and the TCRC agreed to enter binding arbitration in March 2022, following a brief work stoppage.