Canadian Pacific asks for help in negotiating affordable pension packages

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CALGARY, Alta. — Canadian Pacific Railway has asked Canada’s minister of labor to appoint a conciliator to help the company negotiate a pension package with its Canada-based train crews and dispatchers. The railroad said the move is necessary as it seeks to save money and become more competitive.

“The legacy pension costs significantly impact CP’s operating ratio and our ability to further fund investments that will support growth opportunities for our customers,” said Fred Green, the railroad’s president and CEO. “We’ve made changes to the management pension plan. The time to address this within our collective agreements is now.”

Green said he needs an agreement with the Teamsters Canada Rail Conference to bring CP’s costs in line with others in the industry.
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