Thank you very much, Madam Chair.
I would like to point out that we represent 225,000 workers all across Canada, of whom 60,000 are in Quebec. Pension plans are a subject of great importance to the Steelworkers.
I would also like to thank all of the parliamentarians we have met in the course of the lobbying activities we took part in before the COVID‑19 crisis. We met with over 250 MPs and senators to talk about the problem with pension plans. I would say that we had some very good discussions with all of the parliamentarians we talked to.
The Steelworkers have been hard hit by what happened at Cliffs Mining on the North Shore. As my colleague Mr. Yussuff said, there have also been problems at White Birch Paper, in Quebec City, and at Sears, Nortel, and Stelco, where I once worked. These are a few examples among many.
Unfortunately, in the case of Cliffs Mining, there were consequences for over 1,700 retirees, widows and spouses. This was a major tragedy for us. Unionized and non-unionized workers and retired managers fought a long legal battle. Ultimately, they were able to recover $18 million out of the $28‑million deficit in the pension fund. Nonetheless, retirees' pensions were cut by 8.5% and this was catastrophic, particularly for our oldest retirees. Some of them are living on a monthly pension of only $800. It is tough seeing retirees lose a significant portion of their pension when they have no way to make up their losses. These are people aged 80 and over, including widows, who cannot return to the labour market. It has truly been a disaster. Throughout this time, Cliffs in the United States continued to rake in tens of millions of dollars in profit.
As I said earlier, we lobbied. Throughout that process, we listened. Initially, we were seeking to be put ahead of the banks in the ranking of creditors. We then understood that this might interfere with companies' economic recovery, since the banks would be more hesitant about financing their recovery. We therefore changed our position somewhat: we are prepared to be ranked just ahead of municipalities and school boards. This means that we will not be jeopardizing companies' recovery.
It must be understood that this affects 1.2 million Canadians. The Steelworkers believe that it is the role of government, the role of all of you, to protect all middle-class Canadians. Retirees who have defined benefit pension plans are all members of the middle class. The 2019 budget introduced by the Liberals spoke expressly about a desire to protect pension plans. In fact, at the Liberal Party of Canada convention held in Halifax in 2018, the party reiterated its intention to protect pension plans, most of which have no protection. It is important to pool the risk to which these retirees are exposed and not leave them on their own.
The COVID‑19 crisis came with enormous volatility in the markets. Some businesses will have trouble surviving when the Canadian government assistance programs end. We therefore believe that this is the ideal time to legislate protection for pension plans. The time is right and I think there is a degree of openness on the part of all parties to the idea of legislating protection for pension plans that we have rarely seen. This is the third draft of a bill of this nature in the last five years. We have been trying to protect pension plans for 17 years, so we must not fail to take this opportunity while the time is right.
I want to tell you that we need you. This is important. There is a consensus on this issue. Surveys show that 75% of Canadians support the idea of finding a mechanism to protect pension plans.
When a disaster happens, we often say that we have to learn from it in order to avoid repeating it. When an accident happens, for example, we say we are going to make every effort to avoid it happening again. Retirees have endured multiple disasters. I think it is time to find a way to make these disasters stop.
Thank you, Madam Chair.