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e-3893 (Economy and finance)

E-petition
Initiated by Michael Powell from Whitby, Ontario

Original language of petition: English

Petition to the Minister of Innovation, Science and Industry

Whereas:
  • Over 4 million Canadians depend on a defined benefit pension for their financial security in retirement;
  • These pensions are deferred wages earned by Canadians while they were working and are payable to them after retirement;
  • After years of hard work and dedication, pensioners deserve the full pension to which their former employer committed;
  • Since 1982, more than 250,000 Canadian seniors have suffered the loss of pension income due to corporate insolvency;
  • In 2019, the federal government made initial steps to make insolvency proceedings fairer and more transparent, making changes to federal corporate laws, making company directors liable for excessive and unreasonable payments made to executives in the lead up to insolvency;
  • However, the pandemic has put pressure on business, increasing the risk of insolvency and we have since seen examples where companies have continued to underfund their pensions putting the financial security of Canadian defined benefit pensioners at risk; and
  • Action on this issue is needed, as Canada cannot afford another pension insolvency like those of Sears and Nortel which had a negative impact on the financial security of many seniors.
We, the undersigned, residents of Canada, call upon the Minister of Innovation, Science and Industry to work with all Canadian parliamentarians to undertake a direct consultation, generating specific goals and timeline to ensure that vulnerable seniors receive 100% of their pension to which their employer committed.
Open for signature
March 7, 2022, at 2:31 p.m. (EDT)
Closed for signature
June 5, 2022, at 2:31 p.m. (EDT)
Photo - Ryan Turnbull
Whitby
Liberal Caucus
Ontario
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