HomeMy WebLinkAboutThe Huron Expositor, 1978-09-14, Page 48JaeltiOddell, M.P.P.
• Myeolleagues and I, in the
Liberal Party are cOmmitted
to free enterprise and to
ensuring a strong ' corporate
"sector in the years ahead, at
the same time protecting the
futures of the people who
work within our free enter-
prise economy. In this con-
nection, we are very con-
Ccerned about the situati
with respect to pension pl
in Canada. Stuart Smith as
compared the financial sta s
of these plans to a ticking
timebomb, the eventual ex-
plosion of which would have
devastating effects for cor-
porations, governments and
hundreds of thousands of
pensioners.
Indications are that the
Canada Pension Plan and
many private "plans are in
danger of going broke, be-
cause the level of benefits
paid out has been allowed to
rise much faster ‘than the
level of contributions. Even
two years ago, a survey of
some 100 Canadian cor-'
porations revealed;unfunded
pension liabilities of . $930
million. .
Rapidly escalating salaries
in the last decade have
sharply increased the debts
re
are in debt to the Canada
Pension Plan by more than .
$12 „billion . . ,As • for the
private plans, whose com-
bined assets total ,about $24
billion, incredibly, no one
has yet done a comprehnit-,
sive check on how far short
. they are of being able to pay
the benefits theyre commit-
ted to pay." ,
Problems are compounded
by the fact that the number
of elderly people in Canada
wit! , double in the next
thirteen years. That same
postwar „ "Baby boom",
which has moved like a tidal
wave through our seller)l
system is now entering the
„ workforce: inevitably, it' will
have an impact on the.'
,pension plans, 'as the post-
war "babies" become senior
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Clinton-Seaforth
Area Representative
MICHAEL
FALCONER
153 High Sireet
Clinton
482-9441
This message is brought to you by your Hydro on behalf of people.who care
•
HURON EXPOSITOR, SEPTEMBER 21, 1978 4A TH
is...1Ottingsp Jack lans be goin broke ma
mediate vesting of pension
rights for 'all workers who
contribute to. private plans,
All pension rights, should
become fully • portible,' At
present, iii many cases
. peopleJvho leave their em-
ployment before age 45, or
with less than ten years
service, lose their pension
rights and are refunded only
4-their contributions, plus' in-
terest. In addition, protection
should be provided fbr the
senior worker who has con-
tirbuted to a private pension
plan throughout his career,,
but isnow often left with no
pension benefits when his
employer Mutts down.
If the impending pension
imbalance between benefits
and contributions in public
penSion plans must be re;
etified. Every company with
unfunded pension liabilities
should reveal the full extent
of those liabilities in their
financial state ments. and
every cempany, with un-
funded petision liabilities
should be required to declare
the means ,by which those
liabilities will be mei. Jn-
vestors have a right to know
of these claims en the
companyls futiire profits and
working people have a right
to know 'the status of their
promised retirement in 7
comes.
There shoold be iM-
crisis is to be averted, we
must • plan and act now,
without , delay. Otherwise,
several million Canadians
of most pension plans, which
calculate benefits on a per-
centage of an employee's top
earning yea's or career
average earnings. CIa irriS
on pension • lans are new far
greater tha most actu ,cries
predicted when Contribution
schedul's were established.
Unless tension plan financial
imbal. es 'are rescl vtd
ly, hundreds of
thousands of working
Canadians will.not be able to
collect a cent from pension
plans to which they .have
contributed.
For the Canada Pension
Plan, the break-even point
will be reached in S years 7„
1983. At that point, the plan
wil be paying out more in
current benefits than is re-
ceived in premiums. The
surpluses of past years will
be exhausted by the end of
the century, approximately,
and unless contributions are
greatly increased before that .
' time, the Canada Pension
Plan will go broke. To quote
Canadian Business
magazine, "The mounting
deficits are staggering.
Canada's provinces at pre-
sent owe their civil service
pension plans a total of $10
billion, and in addition, they
raiding the ,capital markets,'
but beginning in., 1987 we ,
must, in addition, find
hundreds of pillions of dol-
lars every year till the end of
the century in Order to repay
our berroWingS from public
pension plans. Even this
Year, we Must repay -$175
million; otir annual repay-
ment will rise to $701 'million
in 1987, and to more than $1
billion in 1997.
We can no longer ignore
the pension "timebomb".
Moreover, workers who are
contributing benefits in the
belief that they are ensuring
adequate retirement incomes
must be told the truth about
the. impending crisis. The
will find that after a lifetime
of contributions, they are
unable to collect their pen-
sion benefits.
.their private pension plans,
and the liability can be ,
enormous. Of Canadian .
companies surve yed by the
Financial Executives In-
stitute, nearly. 20 per cent of
those with 'pension plan
'shortfalls face liabilities
,.,-amounting te more than one
year's after-tax earnings,
pension Julids
will have 'considerable im-
pact on the Government ,of
Ontario, -whose recent en-
ormous spending deficits
have been financed almost
entirely by borrowing from
pension fund surpluses -
which end n 1982. Not only
must we readjust. el-
penditure patterns to avoid
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citizens, and fewer and fewer ...••
workers support more and = =
more pensioners. Lowering =
the mandatory age of'retire-
ment -from the present 65----=
would create further dif-
ficulties.
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The impending pension' . •••••• crisis will also have an effect 1"`"
upon business and govern-
ment. Companies are obliged •
to make up any shortfall' in eur.
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Prices, effectiye :closing
= -Tues Sept. 2 6 /7 8
Tips for filling the, freezer
Fillip the freezer with produce. These bags have containers to allow
seams and have ,been de- pansiOn Of" food sumnier produce makes it
signed simply .for holding freezing. ,possible to enjoy delicious,
fresh foods a,11 year round. To
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PRODUCE
foods. Wrappings such as
heavy-duty aluminum foil.
plastic laminated freezer
paper and plastic film, de--
signed especally for freezing,
are all acceptable. Waxed
paper should not be used in
IVlinistry of A griculture and the freezer. When using,
Food, say that the purpose of containers, they 'should be
packaging is to keep food
from drying out and to
preserve food value. flavor,
color and texture.
Choose bags, wrappings
and containers that are
moisture proof, vapor proof,
Odorless and tasteless for use
in the feezer. Look for bags'
made of special plastic, with
no side Reams and labeled for
freezing. Do not use clear
bags used to wrap bread or
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make sure that all_ these
foods maintain their fresh-
ness, pay careful attention to
packaging them properly.
Food specialists • at 141e
Ontario Food Council,
.49
.79
D e. I s e y
RADISHES . 1 Lb. Beg
L.T.- Canada Fancy Macintosh
APPLES - Vgb:
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easy to seal and must n'ot
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low temperatures,Square arrd .
rectangular containers are
more easily packed in the
freezer. Many are reusable.
Containers for margarine,
whipped toppings and ice
cream can • be • used for
.99 Roll Pkg.
4
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1401 itt""
1•10.
.39 Ea. CUCUMBERS
..;:iimunimmintimmlimmmummumimmilmiimpia freeezing if they arc made in
one "'piece' and have -no
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Attitudes change.
Like the way people feel about
electricity_L
Once, many people used all they
could. Vntil it was discovered that
electricity isn't a bottothless well.
NOW, more and more of us use
electricity carefully. -
Because waste of electricity, like
anything everybody really needs, can turn
people off.
Today, it's better to turn off
a light bulb than turn off a friend.
Wasting electricity turns people
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WE RESERVE Pik RIPHT TO
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Hy8.3345 = AiltRAGE FA ror iteaurnEmENts. . ......• LIMIT QUANTITIES TO
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