(Reuters) - Canadian Pacific Railway Ltd on Monday announced a new two-year collective agreement with the union representing its conductors and engineers following binding arbitration.
The railroad said the new deal with the Teamsters Canada Rail Conference (TCRC), that runs through 2023, will include a 3.5% wage hike in 2022 and 2023.
TCRC, which represents about 3,000 locomotive engineers, conductors, train and yard workers across Canada, did not immediately respond to a Reuters request for a comment.
Under the arbitration decision, the TCRC will also join a CP Pension Improvement Account, the company said.
Canada's second-biggest railroad operator had halted operations for a few days in March over the labor dispute for higher pensions, pay and benefits. It resumed operations after agreeing to settle the dispute through arbitration.
Canada relies on Canadian National Railway and Canadian Pacific Railway to move products like crops, oil, potash, coal and other manufactured goods to ports and the United States.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)