19.6.3 END PENSION THEFT

WHEREAS Canada’s bankruptcy laws give priority to investors, banks and parent companies over workers’ pensions and benefits; and

WHEREAS Companies in Canada use inadequate bankruptcy laws to effectively gain concessions from employees and escape responsibility for huge pension deficits while workers face reduced pensions and healthcare benefits.

WHEREAS If this Bill is not approved in the current session of Parliament, it will die on the order paper with the upcoming elections in October, 2019;

WHEREAS This Bill can be re-introduced with a different Bill number when a new parliament resumes after the October elections;

THEREFORE BE IT RESOLVED That we call on the federal government to provide legislation protecting the retirement security of hardworking Canadians by amending federal bankruptcy laws so that workers’ pensions and health benefits are given the same consideration as banks, investors or parent companies during proceedings under the Companies Creditors Arrangement Act (CCAA); and

BE IT FURTHER RESOLVED That the National Pensioners Federation call on the Federal Government to level the playing field for Canadian workers during CCAA proceedings so that workers’ pensions and health benefits are given the same consideration as secured creditors.

Submitted by Unifor Local 222 Retired Workers Chapter