One of the members in the House continues to call out “pensions”. The member is quite right. The government needs to look at the Bankruptcy and Insolvency Act, the Canada Business Corporations Act, the Employment Insurance Act and so on.
I wish to deal with the issue of wage protection. Today, the Government of Canada announced a wage earner protection program. I would like to read part of the news release that went out. It states:
Today, the Minister of Labour and Housing, accompanied by the Leader of the Government in the House and the Minister of Industry announced the Government's intention to move quickly to establish the Wage Earner Protection Program. The program will help protect workers by providing a guaranteed payment of wages owed up to $3000 should their employer declare bankruptcy.
Under the present bankruptcy system, workers' claims for unpaid wages rank after secured creditors. As a result, many workers have to wait from one to three years to get a fraction of the wages owed to them--13 cents on the dollar on average. These workers are often the most vulnerable and working in low-wage jobs in small businesses (under 10 employees) in the construction, retail and food services sectors. Under the proposed program, affected workers could make their wage claim right away and should receive their money about six weeks later.
The Minister for Labour and Housing stated:
This program is about fairness and helping the most vulnerable workers. The Wage Earner Protection Program will ensure that workers get their wages quickly, when they need it most. It will also ensure that payment of wages will no longer depend solely upon the amount of assets in employers' estates.
The Leader of the Government stated:
There is a need to address a number of issues related to employees and businesses that suffer bankruptcies or insolvencies...Our Government has put forward an ambitious legislative agenda that reflects the priorities of Canadians.
The member who put forward Bill C-281 is correct in that protecting workers and employees, who have earned wages when their employer goes under bankruptcy or insolvency, is something that is a priority for Canadians. The Leader of the Government also stated:
We want to ensure workers do not face undue hardship if the business or enterprise, where they are employed runs into difficulty.
The Minister of Industry stated:
The Government recognizes that the present insolvency system lacks an effective mechanism to provide certain and timely payment of the wages owing to workers whose employers go into bankruptcy or receivership under the Bankruptcy and Insolvency Act...The Wage Earner Protection Program is designed to remedy this gap and to form part of a comprehensive insolvency reform package, which I intend to introduce this spring.
When the member was calling out the word “pensions”, I wish to repeat that the Minister of Industry has already stated that there will be a comprehensive reform of the Bankruptcy and Insolvency Act.
When the Minister of Industry states that he intends to bring forward a comprehensive insolvency reform package this spring, that means that the issue of workers' pensions, when their employers either goes into bankruptcy or insolvency, will also be addressed.
I call on hon. members to look carefully at Bill C-281, but I do believe it should go to committee for that kind of extensive analysis.