Good day. I represent an organization of Quebec seniors, 255,000 strong, aged 50 years and over. These individuals will be affected by possible regulations governing pension funds and bankruptcies.
The FADOQ's mission is to maintain or improve people's standard of living. A decent income is a contributing factor to a normal standard of living.We are receptive to the possible changes in so far as being able to retire early without a penalty goes, provided that the measure is fair to everyone, especially to those who are, or would be penalized, based on the number of years of employment, or because of the current crisis or the losses they have incurred and the problems someone age 50 and over has finding a job after being laid off.
The age issue is a reality. It is never easy for someone to find a new job. Despite the supposed job shortage, this problem is likely to continue for some time. We agree that persons who claim their pension at 60 years of age should continue to pay premiums if they continue to work. This is fair to all of the other people who work. They should not be penalized either. Paying premiums should be of some benefit to them later. We also believe and agree that people aged 65 and over should be able to opt out.
Income protection is something that interests us. Not only must income be protected, it must be guaranteed to ensure a decent, adequate and normal standard of living. Many people are single and as they get older, the odds of them being alone grow. Many more women live alone and they may not necessarily have worked for 35 years. There are more women in the workforce today than in the past. Those who are the most disadvantaged are older persons who get by on a minimum income. Income security in retirement is a major consideration. On the subject of equity, it is important to consider the different generations of workers, so that no one is disadvantaged by the provisions that you are introducing.
I would now like to draw your attention to another matter, namely amendments to the Bankruptcy Act. We believe that persons who lose their job face a very real danger and even run the risk of losing part of their pension funds. That is completely unfair and totally unacceptable. Their pension is based on past work and this overall compensation was agreed to by both parties. A contract, so to speak, is being entered into and if the terms of that contract are not met, we ask that when a bankruptcy is declared, pension contributions be deemed a senior debt, for the sake of fairness. We know that in the case of a bankruptcy, a person who loses his job at the age of 60 will have a very hard time finding work and that if that person's pension fund is penalized, that will amount to a lifelong penalty.
Let me back up a little. We support certain measures aimed at encouraging people to remain in the workforce, but there needs to be a real incentive to do so.
Workers are a society's main resource. If they are not encouraged to work and if they are penalized because of certain ill-advised regulations...