Mr. Speaker, many seniors across the country live in poverty and many more are worried about the security of their pensions. Those in middle age are worried about their future income as they approach retirement.
Unfortunately for them, they cannot look to the Conservative government for help. Recently, we learned that the Canada pension plan lost $24 billion last year while those in charge gave themselves $7 million in bonuses and the Conservative government will do nothing.
We have seen when companies file for bankruptcy protection, workers are left unprotected. When AbitibiBowater employees in Newfoundland and Labrador lost early retirement packages, severance pay and pension entitlements, the Conservative government said it was up to the courts and the provinces, yet bankruptcy and insolvency law is a federal government responsibility.
This system is leaving many seniors in poverty. It is threatening retirement security. We need a comprehensive plan to ensure that seniors have incomes to allow them to live in dignity and have legal protection for their pensions.