Canada must do better when it comes to protecting workers and their pensions.
Recently, approximately 16,000 Sears pensioners were left in the lurch when the company financially collapsed.
While dividends (worth $3 billion) were paid out to shareholders, pensioners faced a shortfall leaving their retirement security in jeopardy.
The financial peril that happened to Sears pensioners has happened before to pensioners at Stelco, and Nortel.
The root of the problem is traced back to Canada’s bankruptcy laws, which put retirees at the back of the list and secured creditors in front. The NDP reports those secured creditors are often parent companies.
Under current laws, Canada’s seniors are at the bottom of the list if their company ends up in bankruptcy proceedings.
All Canadians deserve to be protected from pension theft.
“It is only fair that workers, who worked so long to earn their pensions, get to retire with dignity and peace of mind,” said President Wayne Hanley. “Canada’s bankruptcy laws protects businesses at the expense of retirees who are entering one of the most vulnerable phases of their life.”
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Protect workers and their pensions today!
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