Senator Art Eggleton will table a bill in the Senate that would amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to protect employees on long-term disability (LTD) by granting them preferred status during bankruptcy proceedings.
“LTD employees who are disabled, who cannot work, who can’t find new employment shouldn’t be shunted aside.” said Senator Eggleton. “This bill will help protect them by changing practices that are unfair and unjust.”
“By bringing LTD claimants to preferred status, employees will continue to get their benefit coverage, be able to pay their medical bills and continue to live out of poverty,” said Liberal Seniors and Pensions Critic Judy Sgro.
At the moment, approximately one million employees in Canada have disability benefits that are self-insured by their employers. If their company goes bankrupt, LTD employees – who are unsecured creditors – will be left holding an empty bag. These employees will turn increasingly to social assistance, make greater use of social services, while the company walks away from its responsibilities.
If nothing is done soon, many Canadians on long-term disability will lose their benefits if their company goes into bankruptcy. Over 400 employees at Nortel alone face this grim reality.
“We would like to work with all parties to get this bill passed as soon as possible,” concluded Senator Eggleton.
Every senior one day will be disabled, or end up in a Wheelchair I see it all the time,
so to say you will protect the pension of the disabled is and not all seniors is not credible,
all retirees should be at the front of the line, because one day they will be in a wheelchair,
a bus will be picking them up at the door to take them to their medical appointments,
they will end up in nursing homes, and who will pay their costs, when they are mentally sick,
and unable to stand up or take care of themselves.
You don’t get it?????
PS My father had all his pensions, but ended up in a nursing home with
Alzheimers, good thing he had those pensions.
I have a friend with MS who has been unable to take care of herself for years,
she is now in a nursing home, at one time she would not have qualified under
your disability act, because at the beginning of her illness she could walk.
In the building I live in there is a young women that walks with two canes,
and takes powerful medication for her illness. By the time she retirees in
many future years, she will end up in a nursing home.
All people need their pensions, for the future and especially when they
get old, almost every senior has some form of arithitis, and balance problems.
Wake up and small the reality of life.
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