Canada Post
Since November 15, Canada Post Corporation is on strike. The strike saw approximately 55,000 Canada Post employees off the job and on the picket lines.
Today, after a month-long Canada Post strike amid labour disputes with the Canadian Union of Postal Workers (CUPW), Labour Minister Steven MacKinnon, with the help of the Canada Industrial Relations Board (CIRB), has ordered the national mail service to resume its services next week.
https://www.youtube.com/watch?v=FxstgzkBz2o
Canada Post’s financial situation is unsustainable. The Corporation has recorded significant annual losses since 2018, fuelled by rapid changes in the postal and parcel delivery sectors and legacy regulatory measures that impede the company’s ability to evolve and compete.
For 2023, the Corporation recorded a loss before tax of $748 million, compared to a loss before tax of $548 million in 2022. From 2018 to 2023, Canada Post lost $3 billion before taxes. Without changes and new operating parameters to address our challenges, we forecast larger and increasingly unsustainable losses in future years.
Canada Post is at a critical juncture in its history. With financial pressures mounting, its long-standing role as a vital, publicly owned national infrastructure for Canadians and Canadian businesses is under significant threat.
Canada Post segment profit (loss) before tax
(in millions of dollars)
The average Canada Post Corporation executive compensation is $238,026 a year. The median estimated compensation for executives at Canada Post Corporation including base salary and bonus is $236,908, or $113 per hour. At Canada Post Corporation, the most compensated executive makes $700,000, annually, and the lowest compensated makes $50,000.
That’s exactly how socialism works; the company recorded a huge loss, but management and bureaucracy has a great salary. The fall of Canada continues…
DB
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