Union Gets Raise in New Contract With Canadian Press

By: E&P Staff

Canadian Media Guild members will vote on a tentative agreement with The Canadian Press that includes a 1% salary increase in 2011 and repays union members for their pension contributions as CP changes from a cooperative to a for-profit company.

“We would like to thank everyone for their patience as we worked through what was one of the most complicated set of negotiations ever faced by the Guild,” the union said in a note to members.

The tentative contract will extend to Dec. 31, 2011

“As part of our agreement with the company, we have also signed a Deal Sheet that sets out the details of profit sharing and repayment of pension contributions,” the union note said. “All of your investment in The Canadian Press through forgone pension contributions will be repaid on the same basis as they were deferred, plus interest at 4.75%. Employees who remain with the company until such time as it becomes profitable will share in those profits until their investment in the company is fully repaid. Employees who leave will be repaid their contributions with interest, but will not have a share in profit.”

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