Thursday, December 16, 2010

Canadian MPs not supporting Bill C-501

The bill C-501 that will give Canadian pensioners better priority in terms of bankrupt estates is in discussion in the Industry committee. It looks like the conservatives are opposing it and the possibility of retroactivity is probably off the table, so Nortel retirees won't be helped by it.

However it still is a good thing for Canadian retirees and the law should be passed. That will bring Canada closer to the standard in place in the USA, the UK, Germany and many other countries.

To help spur on the negative MPs on the committee I sent the following email to them to remind them of the government's role in this Nortel debacle.

The recipients listed are the ones opposing on the committee so feel free to write to them and give them your opinion.


Sent: 12/15/2010 8:22:49 P.M. Eastern Standard Time
Subj: Canada's lack of support to Nortel disabled and pensioners

Dear Sir or Madam,

I am a retiree from Nortel Canada who is extremely dissatisfied with the treatment that the Nortel disabled people and the Nortel pensioners have received from the Canadian government.

You can check out the video I placed on Youtube at to express my views.

Canada's government had an opportunity to step in when Nortel was in trouble and help protect a national asset. Instead you chose to provide money to G. M. but turned your back on your own home grown internationally recognized mega-corporation.

As a result Nortel went under. Major assets that have brought Canada revenue and recognition for over 120 years, are now in the possession of foreign companies who have benefited from those many years of Nortel innovation and Canadian support.

Thousands of Canadians are now unemployed, or working for foreign corporations and using their skills to enhance foreign business.

However, all of that is water under the bridge, but there still remains the tragedies of the Nortel disabled and the Nortel pensioners that you have created by letting this happen.

Nortel disabled will lose all their support Jan 1, 2011 and face an unknown future where many will be impoverished and their lives placed in jeopardy. Nortel pensioners also face the future with trepidation as they wait for the cut in their pension income that may exceed 40%.

How can this have happened in Canada?

The Canadian laws regarding pensioners facing company bankruptcy are non-existent. Unlike enlightened countries who provide pension protection, Canada still blunders on letting their retirees take the full brunt of company bankruptcies.

The Canadian laws for disabled trust funds are also virtually non-existent. How is it possible that Nortel could fool the disabled people into thinking that they were insured until they reached pensionable age only to find out that there is nothing in their fund?

Shame on Canada for being so apathetic to these weak and vulnerable people. Examine your conscience and take action to support these people. You can start by approving Bill C-501 and making sure it applies to Nortel pensioners.

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