End pension theft: NDP

OTTAWA – Today, NDP Pensions Critic, Scott Duvall, tabled his Private Members’ Bill to end pension theft in Canada. After launching the “End Pension Theft” campaign in September, and consulting with workers and stakeholders from coast to coast to coast, Duvall introduced his legislation to protect the pensions workers and retirees have earned.

“Canada’s current bankruptcy laws do not protect workers’ pensions and benefits. Pensions earned by workers are deferred wages, plain and simple. Diverting, withholding or seizing those funds should be illegal. That’s why we’re calling on the Liberal government to fix bankruptcy laws to stop large corporations from putting shareholders, banks, and creditors ahead of their employees when they file for bankruptcy protection,” said Duvall. “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. That’s unacceptable.”

The NDP wants to level the playing field for all Canadians and support their retirement security by fixing federal bankruptcy laws so our workers’ pensions and health benefits are given the same consideration as secured creditors. 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.

“The Liberals campaigned on improving retirement security for Canadians, but have refused to fix the rules that let companies shortchange worker’s pension funds. Workers fulfilled their obligation regarding their pension; companies must do the same,” added NDP Deputy Labour Critic, Karine Trudel. “These important changes will help build an economy that lifts everyone up, not just the wealthy and well-connected. The NDP 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.”