Finance committee Yes. They would be asking us, the workers, to accept additional risk in place of those stakeholders.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee If the premium the members would be paying would maintain the same contribution and their risk would be reduced, I think they would be supportive of that.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee That's a very big question at this point. Our members start their careers buying into the concept of a pension promise. They believe that if they work for their employer and the employer stays viable, when they choose to retire they'll be able to live with dignity and respect. Unfortunately, the current crisis, and Air Canada's situation in particular, is putting that pension promise at huge risk.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Yes. As one person said to me, it's calling one dollar two dollars.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Yes.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee We had the right to withhold consent at that point, and we're asking to maintain the same right. We assumed the risk at that point. It wasn't foisted upon us. Again, that was a temporary change to the regulations, specifically for Air Canada to extend it to a ten-year period. And it was temporary.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Yes.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Thank you.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Absolutely. It was a component of the restructuring we went through at the time. The unions collectively agreed that some arrangement had to be made to preserve the defined benefits program we had. When we made the agreement to offer this aid to Air Canada, we subjected ourselves to additional risk.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee A $3.2-billion deficit was established when the deficit was calculated in January. Now, with the proposed changes to smoothing regulations, it stands at $2.8 billion of deficit.
May 7th, 2009Committee meeting
Katherine Thompson
Finance committee Thank you, Mr. Chair. Hello. My name is Katherine Thompson. I'm the president of the Air Canada Component of CUPE. I'm here with you today representing the 6,800 flight attendants across Canada who are employed by Air Canada, a federally regulated company. Our members participate in a defined benefit pension plan sponsored by Air Canada.
May 7th, 2009Committee meeting
Katherine Thompson