AbitibiBowater Workers Ratify New Collective Agreement

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AbitibiBowater, Montreal, Que., Canada, workers have ratified a new collective agreement that includes cost reductions for the company, but protects pensions for retirees and workers, according to a Reuters news report. The Communications, Energy and Paperworkers Union of Canada (CEP) said earlier this week that the new agreement will remain effective until 2014. The agreement maintains all current pensions and accrued pension service, and includes a new jointly managed pension plan with 10% employer contributions for future service. The agreement also includes a 10% wage reduction, with wage increases resuming in 2012 and 2013, the Reuters report said.