The Teamsters Union is going to
help the Nortel Retirees’ Protection Committee (NRPC) so that its
views are heard at a demonstration on October 21 on Parliament Hill,
in Ottawa. The NRPC’s fight is aimed mainly at ensuring the
sustainability of defined benefit pension plans of companies in
bankruptcy like Nortel.
“Other bankrupt Canadian companies are anxiously waiting to see what
the courts will decide before determining if they, in turn, will
abandon their responsibilities to their retirees," explained Robert
Bouvier, President of Teamsters Canada. “Nortel’s case is vital to
the rights of Canadian retirees.”
The sustainability of defined benefit pension plans is ensured in
the United States through the Pension Benefit Guarantee Corporation
and in Britain through the Pension Protection Fund. Both guarantee
pension payments to a maximum of $5,000 a month. In Canada, Ontario
is the only jurisdiction that provides such a guarantee, although it
is limited to $1000 a month.
Workers from Flextronics, a Montreal plant that used to be part of
Nortel, are going to come and support their fellow workers from
Nortel. Flextronics workers have been fighting as well in order to
make their former employer fulfill its obligations under the
Retiring Allowance Plan.
“We feel that the two battles are similar because the workers once
again are the ones suffering the consequences of the mess Nortel has
caused,” added Robert Bouvier. The elected officials must take note
– and act – to protect the interests of Canadian workers.”
The Teamsters Union will intensify its efforts to make the federal
and provincial elected representatives aware of the situation faced
by Nortel retirees and pre-retirement pensioners from Flextronics.
See also:
Teamsters plan a demonstration
in Ottawa for October 21...
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