Overview
- Union leaders announced Monday that about 55,000 members voted overwhelmingly to approve the five-year tentative agreement with more than 85 percent in favour.
- The contract guarantees wage increases of 6.5 percent and 3 percent in the first two years and runs through Jan. 31, 2029.
- The union showed a leadership split during ratification with roughly 60 percent of the union board endorsing the deal while the national president urged members to reject it.
- Canada Post and the union agreed not to strike or lock out during the six-week ratification period and members also cast ballots on a strike-authorization that would preserve leverage if the deal had failed.
- The vote gives Canada Post a degree of stability as it seeks to implement reforms after reporting a $205-million pre-tax loss in the first quarter and receiving federal funding to shore up operations.