Liberal lemmings are so stupid!
Pensions are protected by law...
The company I worked for changed hands twice since I retired...
My pension cheque comes in every month regardless
Welfare is protected maybe...pensions?
LOL no, not in the real world...in the real world both jobs and pensions are on the line.
Re Jobs:
The Quebec Premier says he is increasingly worried the political scandal surrounding the federal prosecution of SNC-Lavalin is opening the door to a hostile takeover of the company, putting thousands of well-paying Canadian jobs at risk.
https://www.theglobeandmail.com/can...about-hostile-takeover-of-snc-lavalin-impact/
Re the SMC Lavolin pension specifically:
“The situation remains very worrying. The price of the stock has dropped, there’s no controlling shareholder,” Mr. Legault said on Thursday, referring to the risk the company’s dropping share price could facilitate a hostile takeover. “If the SNC-Lavalin can’t have public [federal] contracts for 10 years, if the trial goes on for two or three years, it creates big problems and big risks for workers.”
SNC-Lavalin Group Inc. is publicly traded and about 80-per-cent Canadian-owned, but not by any majority owner. Quebec’s main public pension fund,
the Caisse de dépôt et placement du Québec, holds a 20-per-cent stake.
https://www.theglobeandmail.com/can...about-hostile-takeover-of-snc-lavalin-impact/
Re pensions in Canada:
Politicians, retirees push for new laws to protect pensioners
Bloc Québécois, NDP MPs propose bills to put pensioners closer to front of line in bankruptcy proceedings
https://www.cbc.ca/news/canada/otta...nsioners-sears-corporate-bankruptcy-1.4367739
Feds must act to protect Sears’ Canadian pensioners: CARP
Staff | October 22, 2018
The Canadian Association of Retired Persons is calling out the federal government, saying it’s unfair the pensions of Sears Holding Corp.’s American employees will be protected by the U.S.’s Pension Benefit Guaranty Corp. while Canadian employees will see benefits cuts.
The Canadian operation has been under court-ordered liquidation since June 2017, and Ontario’s superintendent of financial services ordered a windup of the Canadian pension fund retroactive to October 2017. “Earlier this year, all Canadian Sears’ pensioners lost their medical and dental benefits, and those outside of Ontario took a massive 30 per cent cut in their pensions,” noted a release by the CARP.
Alongside the different outcomes facing the retailer’s Canadian and U.S. employees, the CARP stressed that protections on a national level aren’t consistent for Canadian plan members, suggesting the federal government should act to change this.
https://www.benefitscanada.com/news/feds-must-act-to-protect-sears-canadian-pensioners-carp-120644
Protecting pensions must be priority in insolvency proceedings...
Amendments needed to federal legislation on bankruptcy, insolvency...
Current legislation allows executive bonuses and dividend increases when pension plan in deficit...
...The Sears Canada bankruptcy shows what is wrong with how existing insolvency laws treat pension deficits. In the 8 years before Sears went under $1.4 billion was paid to Sears Canada shareholders. Even after the company went bankrupt, senior managers were paid $9.2 million in retention bonuses. Money paid in dividends and bonuses would have covered the pension deficit and possibly even allowed for the changes needed to keep the company going.
https://nupge.ca/content/protecting-pensions-must-be-priority-insolvency-proceedings
A primer on Sears Canada employees’ battle to protect their pensions
https://www.benefitscanada.com/news...oyees-battle-to-protect-their-pensions-117565
Say, maybe you and Hoid should get a thread?
