MONTREAL, June 17, 2012 /CNW Telbec/ - Air Canada said today that it
along with the International Association of Machinists and Aerospace
Workers (IAMAW) have received the decision of the arbitrator, Mr.
Michel Picher, in the final offer selection arbitration conducted in
accordance with the process legislated by the federal government in the
Protecting Air Service Act.
The arbitrator's selection of Air Canada's final offer concludes a new
collective agreement with the IAMAW following negotiations and mediated
talks that took place over a period of 14 months. The five-year
collective agreement is in effect until March 31, 2016.
The new collective agreement maintains the current defined benefit
pension plan for current employees, introduces a new IAM multi-employer
pension plan for new employees hired after today's date, contributes to
the reduction of the pension deficit and, as required by the
legislation, establishes a protocol for the sustainability of the
pension plan taking into account any short term funding pressures on
The airline will not have further comment as details of the new
collective agreement are being communicated to its employees.
The IAMAW represents 8,600 mechanics, baggage handlers and cargo agents
employed by Air Canada.
Air Canada is Canada's largest domestic and international airline
serving more than 175 destinations on five continents. Canada's flag
carrier is the 15th largest commercial airline in the world and in 2011
served more than 33 million customers. Air Canada provides scheduled
passenger service directly to 59 Canadian cities, 56 destinations in
the United States and 63 cities in Europe, the Middle East, Asia,
Australia, the Caribbean, Mexico and South America. Air Canada is a
founding member of Star Alliance, the world's most comprehensive air
transportation network serving 1,290 destinations in 189 countries. In
2011, Air Canada was ranked Best International Airline in North America
in a worldwide survey of more than 18 million airline passengers
conducted by independent research firm Skytrax.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Air Canada's public communications may include forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements, by their nature, are based on assumptions
and are subject to important risks and uncertainties. Forward-looking
statements cannot be relied upon due to, amongst other things, changing
external events and general uncertainties of the business. Actual
results may differ materially from results indicated in forward-looking
statements due to a number of factors, including without limitation,
industry, market, credit and economic conditions, the ability to reduce
operating costs and secure financing, pension issues, energy prices,
employee and labour relations, currency exchange and interest rates,
competition, war, terrorist acts, epidemic diseases, environmental
factors (including weather systems and other natural phenomena and
factors arising from man-made sources), insurance issues and costs,
changes in demand due to the seasonal nature of the business, supply
issues, changes in laws, regulatory developments or proceedings,
pending and future litigation and actions by third parties as well as
the factors identified throughout Air Canada's public disclosure file
available at www.sedar.com. Any forward-looking statements contained in this news release
represent Air Canada's expectations as of date of this news release and
are subject to change after such date. However, Air Canada disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities regulations.
SOURCE AIR CANADA
For further information:
Isabelle Arthur (Montréal) 514 422-5788
Peter Fitzpatrick (Toronto) 416 263-5576
Angela Mah (Vancouver) 604 270-5741
Internet : aircanada.com