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Canada Post operates as a group of companies called The Canada Post Group. It employs approximately 70,000 full and part-time employees. The Corporation holds an interest in Purolator Courier, Innovapost, Progistix-Solutions and Canada Post International Limited. [8] Canada Post (French: Postes Canada) is the Federal Identity Program name.
The Canadian Union of Postal Workers (CUPW; French: Syndicat des travailleurs et travailleuses des postes [STTP]) is a public-sector trade union representing postal workers including letter carriers, rural and suburban mail carriers, [1] postal clerks, mail handlers and dispatchers, technicians, mechanics and electricians employed at Canada Post as well as private sector workers outside Canada ...
In contrast, the Canadian Union of Postal Workers represents a larger majority of Canada Post's employees: 54,000 out of 72,000. [7] The rest belong the Association of Postal Officials of Canada (3,400 supervisors), the Union of Postal Communications Employees (2,600 technical workers) and the CPAA (12,000 rural workers). [8] [9]
In addition to the public pension system, some employers maintain private pension plans for their employees, they usually boost retirement savings. They are retirement savings plans that are sponsored by employers, unions, or other organizations. They are also known as defined benefit or defined contribution plans.
Retirement compensation arrangements (RCAs) are defined under subsection 248(1) of the Canadian Income Tax Act, which allows 100 per cent tax-deductible corporate dollars to be deposited into an RCA, on behalf of the private business owner and/or key employee. No tax is paid by the owner/employee until benefits are received at retirement.
Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a registered retirement savings plan). [1] As of June 30, 2024, CPP Investments (CPPI) manages over C$ 646 billion in investment assets for the Canada Pension Plan on behalf of 22 million ...
A registered retirement savings plan (RRSP) (French: régime enregistré d'épargne-retraite, REER), or retirement savings plan (RSP), is a Canadian financial account intended to provide retirement income, but accessible at any time. RRSPs reduce taxes compared to normally taxed accounts.
In 2023, Canada Post spent $4.9 billion on labour costs against $6.9 billion in revenue, with operating costs per hour for parcel delivery ranging from $50 to $60 versus industry benchmarks of $40 to $50. [9] Unlike many Crown corporations, Canada Post is not taxpayer-funded and must sustain itself entirely on its own revenues. [10] [11]