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5/9/2003



Rail News: Rail Industry Trends

CPR consolidates employee benefits under one insurance carrier


On May 8, Canadian Pacific Railway reached a three-year agreement with Manulife Financial Group Benefits to administer all insurance and benefit claims for the railway’s Canadian employees, and provide a new flexible benefit services for non-union Canadian workers. Affected benefits include health, dental and vision care; life and accident insurance; and disability claims.


Effective Jan. 1, 2004, the contract would enable CPR to generate administrative efficiencies and contain employee-benefit costs by dealing with one insurance provider, according to a prepared statement.


"The agreement provides an extended period of coverage and price stability that is not generally available in the insurance industry," said CPR President and Chief Executive Officer Rob Ritchie.


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