Press Release
A more modest version of Bill C-501, tabled by local MP John Rafferty, cleared its final hurdle in the Industry Committee and now is headed back to the House of Commons for a final vote sometime this spring.
“It’s good to have the bill out of the committee and to know that it is coming back for a final vote, but I am saddened and disappointed that the Conservatives and Bloc Quebecois worked together to eliminate all references to pension security,” Rafferty said.
“It [C-501] was designed to protect both pensions and severance/termination pay, so I am very disappointed by these dramatic changes forced by the Conservative-Bloc coalition in the Industry Committee,” he added.
Despite the changes, Rafferty said he’s still optimistic about its passage at third reading.
“We have a chance to get something done now to protect the severance and termination pay of every working Canadian and that is a good thing,” he remarked.
“I will continue to work with the other parties in Ottawa, as I always have, to get something positive done to help hard-working Canadians.
“We have some compelling local examples, such as what recently transpired at the Buchanan group of companies, and I will be making my colleagues aware of the dramatic impact that this situation has had upon the well-being of the families and the broader economy in our region,” Rafferty added.
“What has happened to Buchanan workers can never be allowed to happen again,” he vowed.
Though all clauses related to pensions were stripped from C-501, Rafferty said he remains committed to reforming bankruptcy laws to protect pension funds during restructuring, bankruptcy, and liquidation proceedings.
