OTTAWA — The federal authorities is handing lots of of thousands and thousands of {dollars} to Canada Submit to maintain the money-bleeding mail service afloat for the present fiscal yr.
A cupboard order offers the beleaguered Crown company as much as $673 million so it will possibly “meet its working and revenue” calls for by way of subsequent March.
Final yr Ottawa approved a $1.03-billion money injection for Canada Submit, adopted by one other billion {dollars} in further repayable funding when the preliminary quantity proved too small.
Carleton College enterprise professor Ian Lee says the postal service will doubtless want lots of of thousands and thousands extra to make it by way of the yr, given its unprecedented $1.57-billion loss earlier than tax in 2025.
As staff vote on a contract after years of disputes and declining letter demand, Canada Submit says it should modernize by way of reforms that embody neighborhood mailboxes and potential submit workplace closures.
Canada Submit and the union have sparred over wages and structural adjustments to the Crown company for greater than two years, with staff taking to the picket line repeatedly.
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