Statement by Bea Bruske: Senators vote to put workers and pensioners before big banks and wealthy CEOs

Source: Canadian Labour Congress Bruske: Passage of pension protection Bill C-228 is a win for workers and plan members Canada’s unions are celebrating the Senate’s decision to pass Bill C-228 (Pension Protection Act), legislation that will ensure defined-benefit pensions receive super-priority status in bankruptcy and insolvency cases. “Pension protection has been a priority for Canada’s unions for decades. Multiple private members’ bills seeking to protect pensioners in insolvency proceedings have been defeated but with Bill C-228, our government is [...]

2023-06-30T16:27:27-07:00June 30th, 2023|Categories: Defined Benefit Plans|Tags: , , |

Defined Benefit Pensioners Win Battle for Pension Protection

Source: Yahoo! Finance Yesterday marks a historic victory for the protection of Canadian pensioners. Bill C-228, An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act and the Pension Benefits Standards Act, 1985passed third reading in the Senate, and awaits Royal Assent. "This landmark legislation will protect millions of Canadians who rely on defined benefit pensions for their financial security in retirement," said Michael Powell, President, Canadian Federation of Pensioners, whose organization led the charge [...]

2023-05-03T13:44:28-07:00April 19th, 2023|Categories: Retirement|Tags: , |

Unions welcome new protections for workers’ pensions

Source: Canadian Labour Congress Canada’s unions are happy to see Bill C-228 passed in the House of Commons today. This bill aimed to ensure that in the event of an employer becoming insolvent, the employer will have to prioritize paying pensions before addressing other financial liabilities. ‘‘Bill C-228 is about fairness for workers. We’re encouraged by the cross-party support for this legislation,’’ said Bea Bruske, President of the Canadian Labour Congress. “For decades we have seen companies pay out [...]

2023-02-23T16:43:36-08:00February 23rd, 2023|Categories: Economy|Tags: , , |
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