Never give up the fight, as the Senate passes Bill C-228
The protection of pensions is a crucial issue for workers, especially as they plan for retirement. With the aging population and changing economic landscape, there are concerns that many Canadians may need more saved for retirement. Strong pension protections can help alleviate some of these concerns and provide workers with greater peace of mind as they plan.
This is why our unions celebrate the Senate’s decision to pass Bill C-228 (Pension Protection Act), legislation ensuring defined-benefit pensions receive super-priority status in bankruptcy and insolvency cases. The issue of pension protection has been a priority for 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 finally putting workers and pensioners first.
This will provide millions of workers and their families financial security and peace of mind. The passage of C-228 will ensure that the injustice faced by Sears, Nortel, and Stelco workers is not allowed to happen again. Bill C-228 received cross-party support in the House of Commons before being passed by the Senate Standing Committee on Banking, Commerce and the Economy unamended. Yesterday the bill overcame its final hurdle in the Senate, passing unanimously.
Many unions have been advocating for years for stronger pension protections, and this legislation represents a major step forward in achieving our goals. By providing greater stability and security for pension plans, workers can better plan for their retirement and feel more confident in their financial futures.