A federal pension protection bill, introduced by Sarnia-Lambton's MP, is one step closer to becoming law.
Marilyn Gladu's Bill C-228 has passed its third reading at the Senate and is now awaiting royal assent.
The bill, first introduced in the House of Commons in February 2022, aims to create new protections for workers’ pensions in the event of insolvency.
In a media release, Gladu said with the highest inflation in 40 years, pension protection is more important than ever.
"If an employer’s bankruptcy can wipe out an employee’s pension, then millions of Canadians who have worked hard all their lives are at risk of not being able to retire or afford to live," she said. "I will not allow this to happen."
The Association of Canadian Pension Management (PIAC) criticized the bill, saying it would be harmful for defined benefit pension plan sponsors.
In September, the PIAC co-signed an open letter calling for parliamentarians to block the bill. It was also signed by the Canadian Bankers Association, the Canadian Chamber of Commerce and the Canadian Manufacturers and Exporters.
