Https Www Bloomberg Com News Articles 2024 08 22 Canada Railways Lock Out Workers As Talks Fail Snarling Trade Srnd All
Canada's Freight Rail Network Could Grind to a Halt This Week
Negotiations Between Unions and Rail Companies Stall
Economic Toll Expected as Talks Continue
Canada's freight rail network is on the brink of a major disruption as negotiations between the country's two largest railroad companies and their unions have stalled. Canadian National Railway (CN) and Canadian Pacific Railway (CP) have both issued notices that they will lock out their employees if a new labor agreement is not reached by the end of the week.
The potential lockout would have a significant impact on Canada's economy. The country's rail network is responsible for transporting approximately $280 billion worth of goods annually, including essential commodities such as food, fuel, and raw materials.
Negotiations between the unions and the rail companies have been ongoing for months, but the two sides have been unable to reach an agreement on wages, benefits, and working conditions.
- The unions are seeking a 10% wage increase over three years, while the rail companies are offering 5%.
- The unions are also seeking changes to the companies' pension plans and health benefits.
- The rail companies say they are willing to negotiate, but they need to keep their costs under control.
The federal government has urged both sides to reach a deal before the lockout deadline. Prime Minister Justin Trudeau said that a disruption to the rail network would be "catastrophic" for the Canadian economy.
The Teamsters Canada Rail Conference, which represents approximately 12,000 workers at CN and CP, has said that it is prepared to strike if a deal is not reached.
The lockout would be the first major labor disruption in Canada's rail industry in over a decade.
Cbc
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