Tuesday, October 12, 2010

Thankless Canadian Thanksgiving for Nortel Pensioners

Thanksgiving message on the Canadian NRPC website.

* Pensioner and long term disabled medical insurance disappears at the end of the year

* Pension plans have been taken over by the Financial Services Commission of Ontario in October - current and future pensioners can expect cuts of 35% or greater.

* Canada's federal government cares more about foreign junk bond holders than its citizens

* Canada's bankruptcy laws are antiquated and hurt former employees whereas most other G20 countries protect former employees far better than Canada.

* The Ontario government wants to wind up the pension plans by purchasing annuities which will eat away the value of pensions even further

* Life insurance plans are cancelled at the end of the year so they cannot even afford a decent burial.

* Except for a small pre-payment due this year, severance payment for terminated employees will have to wait until the Canadian estate is settled and will likely pay out at cents on the dollar

Employees at other companies are facing similar issues. Isn't it time that Canada protected it's citizens?

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