PUT PENSIONERS FIRST WHEN BUSINESSES GO BANKRUPT : NDP bill would make workers the priority when a business goes bankrupt

January 18th, 2012 - 6:26pm

As a faltering economy puts Canadian families on edge, New Democrats are urging the government to stand up for retirees and adopt the NDP bill to put pensioners at the front of the line when a business goes bankruptcy. 

Right now, working people who’ve paid into pension plans their entire working lives have no protection when their employer goes bankrupt. That’s unfair and we have to fix that,” said NDP Leader Nycole Turmel. 

The New Democrat Leader was meeting with retirees from AbitibiBowater. AbitibiBowater has since changed their name to Resolute Forest Products. 

Charlie Angus says right now, an employee can work for a company for 30 years, be retired for 10 years, and one day wake up to find their pension cut by 40 percent – simply because their former employer filed for bankruptcy. 

This is wrong. It’s time for the Conservative government to act and change the law to protect pensioners”. 

New Democrats are also calling on the government to strengthen the Canada Pension Plan, a move that would provide significantly more retirement security than the Pooled Registered Pension Plan announced last fall by the Conservatives. 

Instead of letting bankers roll the dice on Canadians’ retirement savings, the tried and tested CPP should be strengthened to give people a pension they can rely on,” said Turmel. 

From coast-to-coast-to-coast, everywhere I go, I hear Canadians say how worried they are about their pensions. This government might refuse to act, but trust me -- New Democrats will not be backing down on this fight.”