A program in Ontario that pays pensioners as much as $1,000/month may not be available to Nortel employees because it’s “grossly underfunded”.
Ontario Premier Dalton McGuinty said yesterday that the Ontario Pension Benefits Guarantee Fund just doesn’t have the financial ability to help ex-Nortel employees whose pensions are being threatened by the company’s bankruptcy filing.
He said the fund is only worth $100-million, which is a drop in the bucket given the demands that could come from struggling companies such as Nortel and General Motors.
For more, check out the Ottawa Citizen.
Technorati Tags: ontario, nortel




Pingback: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Spring/Summer Begins