Mr. Speaker, more and more Canadians are experiencing the harsh reality of losing their pension and benefits when a company goes bankrupt. Sixteen thousand Sears Canada employees are worried there won't be any money left to pay their pensions after Sears completes its bankruptcy proceedings, especially after company executives rake in their millions in bonuses. For anyone who worked for U.S. Steel or Nortel, this is an all-too-familiar story.
Far too many companies in Canada are hiding behind the outdated bankruptcy legislation that puts workers at the end of the line. Severance is lost, benefits are cut, and workers only get a fraction of the pension they have earned. When a pension is ripped off this way, it is gone for good. For retirees, it amounts to nothing less than legalized theft.
Unless this government takes immediate action to protect workers' pensions, their jobs are on the line next.