Retirement insecurity, anyone?
Retirement insecurity, anyone? This article is more than 7 years old

Retirement insecurity, anyone?

Guess it wasn’t enough to cut public pensions in the 2012 budget – after not saying a word about it during the 2011 election campaign. Now, Conservative Party activists want to take a whack at public sector pensions at their party’s convention in a race to the bottom on pensions. This is the pitch from […]

Guess it wasn’t enough to cut public pensions in the 2012 budget – after not saying a word about it during the 2011 election campaign. Now, Conservative Party activists want to take a whack at public sector pensions at their party’s convention in a race to the bottom on pensions.

This is the pitch from one riding association: “to bring public sector pensions in-line with Canadian norms by switching to a defined contribution pension model” – “comparable to the private sector.” 

Another riding wants to tack on an anti-pension line to the party’s policy statement on “Public Service Excellence.” The benefits and pensions of public servants “should be comparable to those in the private sector, and to the extent that they are not, they should be made comparable to such private sector benefits and pensions in future contract negotiations.”

Translation? Let’s gut public sector pensions and make sure this better model doesn’t spread. The private sector is already leading in this race to the bottom, with fewer and fewer employers offering defined benefit pension plans. If the public sector moves away from secure defined benefit pension plans and replaces them with inferior alternatives – hello, defined contribution plans! – this will drive down pension benefits for everyone. 

A job well done – if your goal is retirement insecurity. But how about raising the bar for everyone?

Photo: 401(K) 2013. Used under a Creative Commons BY-SA 2.0 licence.

Help us protect Canadians by holding the powerful accountable.

Journalism is an important public service. That’s why PressProgress is prioritizing stories aimed at keeping Canadians safe and holding the powerful accountable during the coronavirus pandemic.

Please consider supporting our award-winning non-profit news organization so we can keep making a positive impact for Canadians.

 

Support Our Journalism
PressProgress
PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

thumb-2021-02-020 News Brief

Doug Ford, In the Middle of a Deadly Pandemic, Calls Paid Sick Days a ‘Waste of Taxpayers Money’

Related Stories

News Brief

Authorities Dropped Criminal Probe Into Canada’s Biggest Newspapers Despite Evidence They Plotted to Shut Down Local Newspapers

View the post
News

Oil Executives Pressured Regina, Saskatchewan to Withdraw Motion Banning Public Buildings From Being Named After Oil Companies

View the post
Explainer

Why Justin Trudeau and Jagmeet Singh Are Taking Very Different Positions on Private, For-Profit Long-Term Care

View the post

Explainers

Politics & strategy

Tom Parkin

Why Justin Trudeau and Jagmeet Singh Are Taking Very Different Positions on Private, For-Profit Long-Term Care

View the post
Human rights & inclusion

Amira Elghawaby

Why The Full Impact of Hate Groups on Targeted Communities Is Not Captured By Hate Crime Statistics

View the post
Power and democracy

Andrea Reimer

How The COVID-19 Pandemic Revealed Canada’s Most Powerful People Have Less Power Than They Think

View the post