Monday November 25 2024
2023-2027/168
No. 52
On November 22, Canada Post released its financial results for the 3rd quarter of 2024.
For the three months ending in September 2024, the Corporation reported a loss from operations of $313 million. Overall revenue was down $15 million compared to the same time last year, as growing revenue from Neighbourhood Mail and Transaction Mail were not enough to offset lower parcel volumes.
Public Services over Profits
Canada Post is a public service. It is not a private, for-profit operation.
Postal workers deliver to every address in the country – no matter how remote. We go places the private sector won’t go because profit not service is their bottom line. While the competition puts corporate profit over everything else, we’re proud to offer services to everyone.
In the past week, we’ve heard many stories about just how much people and communities rely on our public postal service. In much of the country, no competitor can match our service quality, coverage, or our prices. Postal workers have every reason to be proud of the work they do.
The Whole Story
No doubt, Canada Post will try to use this report to its advantage at the bargaining table and in the media. We can’t let them scare us into taking concessions that sell out our future co-workers.
The Corporation says it is running out of cash. But remember, Canada Post has invested hundreds of millions of dollars into new equipment, new vehicles, and a new parcel processing centre over the past few years.
Workers can’t be made to pay for the Corporation’s current financial condition.
A Way Forward
The best way for Canada Post to recover from its current financial situation is to invest in new, revenue-generating services like postal banking and wellness check-ins.
Years ago, we presented Canada Post with plans to expand services at our public post office. It’s time the Employer takes our proposals seriously to provide Canadians with the world-class service they deserve.
In solidarity,
Jan Simpson
National President