Canada Post has issued what it calls a "time-limited" contract offer to its employees in the hope of ending rotating strikes that have created a historic backlog of undelivered parcels.

The offer came just hours after online sales and auctioning giant eBay called on the federal government to legislate an end to the Canada Post contract dispute.

The Crown corporation's four-year offer, provided to The Canadian Press, includes annual two-per-cent wage hikes, plus signing bonuses of up to $1,000 per employee.

Job security provisions

The $650-million proposal also includes new job-security provisions, including for rural and suburban carriers who have complained about precarious employment, and a $10-million health and safety fund.

But Canada Post says the measures are only affordable if a deal can be agreed to before the holiday shopping rush, so it has imposed a deadline of Saturday, Nov. 17, for Canadian Union of Postal Workers (CUPW) members to accept the deal.

CUPW spokesperson Emilie Tobin said late Wednesday afternoon that the union had just received the proposal.

"The negotiating committee is currently reviewing the offers and we won't have any comments until the review is complete," Tobin told CBC News via email.

The prime minister warned last week that his government would look at "all options" to bring the labour dispute to an end if there was no significant progress in Canada Post's contract talks with the union.

With files from CBC News