After more than two years of talks, both sides in the Canada Post dispute say they have reached an agreement in principle which covers both postal bargaining units.
Under the terms of the agreement, the Canadian Union of Postal Workers says it will pause its strike action while Canada Post agreed not to lock out its employees.
The deal likely means uninterrupted mail and delivery service through the Christmas season.
“Should the Tentative Agreements not be reached because the parties disagree on how the agreement in principle is reflected in language provisions, the suspension will be lifted for both parties, and the Union may continue strike activity,” read a statement from CUPW.
The announcement comes on the same day the Crown corporation reported the highest quarterly loss in its history on Friday.
After starting the year with a $1-billion federal loan, Canada Post says it will need another bailout within a month or two as the Crown corporation continues to hemorrhage cash.
More to come
