NDP: End Pension Theft
September 18th, 2017 - 10:41am
HAMILTON – Today, New Democrats launched their “End Pension Theft” Campaign. With labour leaders by their side, the NDP announced a plan to introduce legislation that would protect the pensions workers and retirees have earned.
“Pensions earned by workers are deferred wages, plain and simple. Diverting, withholding or seizing those funds should be illegal,” said NDP Leader, Tom Mulcair. “For too long, liberals and conservatives have been putting well-connected insiders – and the corporations and multinational companies they represent – first, and asked Canadian workers to settle for less. We think that’s unacceptable.”
Under current legislation, large multinational corporations are using Canada’s inadequate bankruptcy laws to take money meant for workers’ pensions and divert it to pay off their secure creditors, who in many cases are often their parent companies. A PMB, to be introduced this fall by the NDP’s Pensions Critic, Scott Duvall, would fix the legislation in order to first protect workers’ pensions and benefits, and force companies to provide termination or severance pay, before paying secured creditors.
“The Liberals must lead by example and prioritize protecting workers’ pension plans. Workers fulfilled their obligation regarding their pension; companies must do the same,” said Duvall. “This needs to be about fairness for workers. We will continue to fight for a Canada that works for everyone and will make sure corporations and multinationals can’t steal the pensions their workers and retirees have earned.”
The NDP wants to level the playing field for all Canadians by making changes to federal bankruptcy laws so our workers’ pensions and health benefits are given the same consideration as secured creditors.
New Democrats have and will always support our retirees who have worked their whole lives, contributing to our economy to enjoy their retirement. It is not right for our retirees to have their hard earned pension taken away from them because of our current bankruptcy laws.