Webinar About Pensions, Health and Long-Term Disability Plans

http://www.lawyersweekly.ca/index.php?section=a…

Payments for severance pay, termination pay, benefits or pensions are not specifically contemplated by the existing legislation.

Moreover, workers are unlikely to recover even what they are owed from a bankrupt corporation.

workers usually just have one employer to rely on for their livelihood, whereas banks and other investors have thousands of assets and customers to cushion the impact of a bankruptcy.

New Democrat MP Pat Martin, on Nov. 15, 2004, introduced the “Workers First” bill (Bill C-281), which includes some of the reforms necessary to ensure that workers’ rights are adequately protected.

http://www.ic.gc.ca/eic/site/ic1.nsf/eng/02282….
Among G7 countries, the UK, Italy, Japan, France and Germany all provide government programs to protect workers whose employers go bankrupt.

Only Canada and the US do not provide such a program.

It's on Wednesday.
Nortel's Pension Plan deficit is more than $3 bill
As non secured creditor they will get only $300 mill back
If prioritized they can get as much as $2 bill
In case of restructuring and emerging from BK they would recover it all but restructuring is not likely. It would be possible to expect the tax credits to be used in the restructuring. At some point there was about $4bill of tax credits on the books. Can you imaging getting that back from Government? Mike Z wants to make the fire sale of all assets. Mike is upset and fed up. For all he did so far he got no bonus yet. I say letting Mike Z go is another option but shareholders cannot fire Mike Z…Is it possible for shareholders to request ASM ?
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Nortel Canadian pensioners and disabled and terminated employees are asking for the Federal Government to make an emergency amendment to the Bankruptcy and Insolvency Act (BIA) to put pension, health and long term disability plan deficits and severance ahead of unsecured creditors, in what is known to be preferred status. The Federal Government also needs to use its authority to set conditions under the Investment Canada Act for a significant proportion of the proceeds from the foreign purchases of Nortel businesses to fund Nortel's Canadian legacy pension, health and long term disability plan deficits and severance. The latter request is due to concern about Nortel's Canadian estate receiving only a small proportion of the proceeds from expected business sales.

WE NEED EVERYONE TO PARTICIPATE IN THIS POLITICAL ACTION CAMPAIGN. If you have any questions about this Webinar, email or call Diane Urquhart at urquhart@rogers.com or (905) 822-7618.

This webinar is both a ‘webinar’ and a ‘teleconference’. In order to view the presentation slides and listen to the audio portion of the presentation, you must have access to a computer with an internet connection and a computer speaker.

Whether you have access to a computer or not, you can listen to the audio portion of the presentation through your telephone by calling the specified telephone number and keying in the specified access code. These numbers will be given to you upon registration. Long distance charges will apply when you use your telephone.

Please register at least 15 minutes before the scheduled time of the webinar.

I am hearing from people looking for work and hear that the number of people of minority groups (eastern europe, asia, africa) laid off in Canada are higher in proportion.

anybody else can confirm?

Well Canada is not the only one who is experiencing this problem, as we all know we are experiencing economic downturn around the world, many companies had declared bankruptcy.

long term disability is the greatest sorrow, it is sucking me how it will be if i got long term disability

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I don't know what they expect to solve with this action. It's nice that they try to do something against the economic downturn, but I think that this crisis has gained too much weight and they can't solve it by meeting and talking with each other and definitely not by asking a significant proportion of the proceeds from the foreign purchases of Nortel businesses to fund Nortel’s Canadian legacy pension. What are they, chiropractors?