Hundreds of Quebecers have seen their retirement funds collapse in recent years after their employer went bankrupt. To prevent new financial tragedies from occurring, pressure groups are campaigning for the establishment of “pension insurance” in Quebec.
The Sun Retirees Association and the Canadian Federation of Retirees (FCR) demonstrated Sunday afternoon in front of parliament in Quebec. They demand that Quebec look into a form of pension insurance that would guarantee Quebeckers old age. Ontario has already had such insurance for 40 years.
“There is no listening to the government”, deplores the To have to Jean-Paul Joanisse, treasurer of the FCR, citing the financial losses of ex-employees of Sears, WhiteBirch or even Nortel.
His organization has just compiled data on the “solvency deficit for all pension funds” up to 2019. According to his calculations, it is nearly $ 27 billion that companies have not paid to retirees due to their bankruptcy. “I had these figures rechecked by a statistical specialist and two actuaries,” he says. “I have no problem with them giving gifts to companies, but not at the expense of the employees.”
“If we took only 1.5% of these savings, we could create a guarantee fund for pension funds,” adds Pierre Pelchat, of the Association of retirees from the Sun. “We have to civilize what is happening with pension plans a little. “He testifies to say that” with the rate of inflation that we currently have, when you have lost 20%, 25% or 30% of your pensions, it hurts “.
The Parti Québécois issued a press release supporting these retirees. “In Ontario, this problem has been fixed, and it works: in the event of their employer’s bankruptcy, thanks to the Province’s Pension Benefits Guarantee Fund, people who have contributed to a defined benefit plan can obtain payments. monthly payments of up to $ 1,500, ”argued MP Sylvain Gaudreaulte. “However, we must find a way to support these retirees; they do not have to pay the price for government inaction. “