“While the vast majority of pension plans have the resources needed to withstand the impact of COVID-19 on their investments, if a plan is forced to sell assets at fire-sale prices to meet its obligations, it will have a devastating effect. Pension plans that are forced to take this step will likely be left with substantial pension deficits that will be very difficult to eliminate." Bert Blundon, NUPGE Secretary-Treasurer
Pensions and Retirement Security
- See also Retirees.
The reason cutting public sector wages hurts the economy so badly is that, like almost all low- and middle-income earners, public sector workers spend what they earn in their communities. The bulk of what public sector workers earn goes to businesses providing items like groceries or housing. When you take that money out of the community, everyone feels the pain.
When Members of Parliament meet with people from their ridings who they know are talking to other voters, it has an impact.
As NUPGE members who work to provide services for seniors can tell you, funding has not kept pace with need.
Given that workers and retirees worked decades to earn their pensions, they should not be left at the back of the line.
The collapse of Sears Canada is a classic example of how too many of the laws governing corporations protect the wealthy, while ignoring the rights of workers and the long-term health of the economy.
“NUPGE’s pension webinars provide our members with the tools and information they need to protect and improve our members’ pensions.” — Elisabeth Ballermann, NUPGE Secretary-Treasurer
Former Sears workers are having their pension fund cut, yet again, because those who controlled Sears made a deliberate decision to leave the pension plan underfunded.
“I’m as pleased as punch that we can take away some anxiety that some members might have about their retirement income." — Warren (Smokey) Thomas, OPSEU President
Thousands joined the MGEU’s 2 pension tele-meetings to talk about potential changes to pensions and ask questions. If you missed the call, recordings of both meetings are now available.