Canadian Pacific Railway Limited has announced a new two-year collective agreement with the Teamsters Canada Rail Conference (TCRC) – Train and Engine following binding arbitration. The new agreement includes a 3.5 percent wage increase in 2022 and 2023 and increased benefits. Under the arbitration decision, the TCRC will also join a CP Pension Improvement Account. The new collective agreement runs through 2023. TCRC represents approximately 3,000 locomotive engineers, conductors, train and yard workers across Canada. CP and TCRC agreed to enter binding arbitration in March 2022 to resolve outstanding matters as part of a new collective agreement, including wages and pensions.