The new agreement allows for wage increases of 3% in each of the next five years. CP said it “reflects changes that help ensure the CP pension plan is sustainable for employees, current retirees, and CP.”

“Our members voted overwhelmingly in favor of the contract, especially given it provides good wage and benefit improvements,” said USW Local 1976 President Steven Hadden. Eighty-seven percent of the USW membership voted in favor of the contract terms.

“CP is pleased with this positive outcome as it includes provisions for productivity and efficiency enhancements,” said CP Vice President of Human Resources and Industrial Relations Peter Edwards.