The deal, which must still be ratified by the rank-and-file carriers, was reached after more than a year of negotiations. Details were not released.
"I have always said that the best solution to any labor dispute is one that the parties reach themselves," QMI Agency quoted Canadian Labor Minister Lisa Raitt as saying in a statement Saturday. "I am very pleased that Canada Post and the CUPW returned to the bargaining table and worked together to reach an agreement that is supported by both parties."
The union represents about 50,000 urban postal workers, whose collective agreement expired on Jan. 31, 2011, and about 6,000 rural and suburban whose contract expired Dec. 31, 2011.