8 June 2007
CPR Drops Plan to Expand Maintenance Work Zones
Canadian Pacific Railway Ltd. dropped a proposal to expand work
districts for track maintenance workers, opening the way for a tentative labour pact that ended a three-week strike.
The Teamsters' union opposed the plan for driving longer distances to job sites.
The tentative pact announced Wednesday is now slated to be ratified. CPR is offering raises of 3 percent this year, 4 percent next year
and 3 percent in 2009. In addition, a "Goal Share" program funded by CPR will ensure wage increases of at least 1 percent, up
to 5 percent, annually over three years, linked to CPR's operating performance, sources say. As well, extra money will be paid out,
amounting to 1 percent annually over three years, from an employment security fund.
CP (TSX) fell $2.46 to $73.30
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