Canada Post’s $1.3 Billion Loss and Final Contract Offer

Canada Post reported a staggering $1.3 billion in operating losses for 2024, marking seven consecutive years of losses totaling $3.8 billion before tax since 2018. This bleak financial picture comes as the Crown corporation presented its “final offer” to the union representing 55,000 postal workers, following the resumption of negotiations on Wednesday.

The proposed deal includes several key elements aimed at addressing the financial challenges. These include an end to compulsory overtime, signing bonuses ranging from $500 to $1,000, and cost-of-living adjustments triggered at a lower inflation threshold. Interestingly, the previous offer of a nearly 14 percent cumulative wage increase over four years remains unchanged.

However, a significant sticking point continues to be the corporation’s plan to hire part-time staff for weekend deliveries. This proposal, along with the overall offer, will undoubtedly face scrutiny from the union as negotiations progress. The financial situation and the upcoming contract decisions hold major implications for both Canada Post and its employees.