Madam Speaker, both legislative packages sought to place people further up the list of priority in cases where an employer becomes insolvent. I believe this would help to enhance fairness during bankruptcy proceedings. It would also serve to help protect people from having the rug pulled out from under their feet when their employer becomes insolvent after a lifetime of work and investment.
I also believe that Bill C-501 would complement some of the other reforms that the Liberal Party has proposed, things like creating a supplemental Canada pension plan, establishing a stranded pension agency and measures such as those contained in Bill S-216. I should mention that Bill S-216, which was introduced by a Liberal senator, would seek to do some similar things with disability benefits as Bill C-501 seeks to do with pensions.
Despite the past denials and the stall tactics put forward by the government, I know that pension reform is a subject members of all political persuasions can support. With that in mind, I want to pay tribute to my colleagues, such as the member for Thunder Bay—Rainy River, the mover of the motion, the member for Ottawa—Vanier, the member for Madawaska—Restigouche, and the member for Random—Burin—St. George's. These four members and many others have made pension reform a top priority, and I thank them for their efforts.
I am pleased to offer my support for Bill C-501 and I eagerly look forward to collaboratively dealing with it further in committee.
I certainly renew my calls for the Minister of Finance, his parliamentary secretary and the government as a whole to get on board with the need that exists out there. Current seniors, former and current employees of companies like Nortel and AbitibiBowater, and future pensioners all have a right to expect that we will take this matter seriously.
Canada is sitting on the cusp of an unprecedented population shift. The baby boomers are getting ready to retire and that will present a range of challenges for the social structures of this country. The upside is that we can see it coming, so if we adopt a proactive approach, many of those challenges can be mitigated or resolved in advance. If we sit idle, I fear those challenges may overwhelm our ability to deal with them, a scenario that would threaten the future income security of an entire generation of Canadians.
I am pleased to lend my support to current seniors, former and current employees of companies like Nortel and AbitibiBowater and future pensioners alike. I certainly hope that all members of the House will support sending the bill to committee.