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'The private sector has failed miserably.... The only way to ensure that all Canadians are able to retire with security and dignity is by expanding Canada's public pension system.' - James Clancy.
Ottawa (15 May 2009) - The National Union of Public and General Employees (NUPGE) says the current public debate surrounding problems with private sector pension funds fails to address "the real pension crisis in Canada" which is that most Canadians do not have a private pension plan and many have no retirement savings at all.
"Over 60% of us do not belong to a private pension plan," the union says in a new pamphlet designed to draw attention to the issue.
"One-third of working Canadians have no private retirement savings at all. Clearly, relying on the private sector to provide adequate retirement security has failed. On the other hand, Canada’s universal public pension system is an incredible success story."
The publication is entitled Pension Tension - What we've lost matters. What we haven't lost, because we never had it, matters more. It can be downloaded here or be obtained by contacting the union at national@nupge.ca.
"As we struggle through the current economic crisis, pensions and retirement security are becoming increasingly important issues for working people," says NUPGE national president James Clancy.
"We're hearing a lot lately in the business press about the financial troubles companies face in funding their pension plans. We recognize this as a problem and have proposed solutions to deal with it without putting workers pensions at risk," Clancy notes.
"But the number one pension crisis in Canada centres around the fact that over six of every 10 workers in Canada do not have access to workplace pensions. Let's face it, the private sector has failed miserably in providing retirement security. The only way to ensure that all Canadians are able to retire with security and dignity is by expanding Canada's public pension system. This new pamphlet is designed to reinforce that important message."
No matter what is done to address private pension problems it will do nothing to help the majority of Canadians now facing retirement with no private plan of any kind or the many others who have no savings to fall back upon, the union argues.
"Our governments must embrace an ambitious plan to raise Guaranteed Income Supplement (GIS) benefits and expand Canada Pension Plan (CPP) coverage. It’s the right thing to do because it would ensure more Canadians could retire with security and dignity," the pamphlet says.
"It’s the smart thing to do because it would help stimulate the economy by putting more money directly into the hands of people who will spend it."
NUPGE
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE
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