OFL pension security should be the standard, not the exception
By Sid Ryan
Letter to the Editor – National Post
Originally appeared in print and online on April 4, 2013
Re: Labour federation struggles with deficits, pension bills, April 2.
Pension adversaries and austerity hawks will get no validation from the Ontario Federation of Labour (OFL) when it comes to declaring the premature death of retirement security.
This article on the OFL’s pension deficit showcased the same slash-and-burn approach to pension cutting that has stranded so many retirees in perpetual poverty and spells disaster for the next generation of workers. Rest assured, Ontario’s labour movement won’t be buying into the mythology that retirement security is an unsustainable pipe-dream and pension-cutting is the only path to solvency. This prescription is an employer-biased cop-out that disregards the incredible value (and profit) that workers generate for their employers through a lifetime of dedicated service. A modest cushion to help retirees live out their days in dignity must be a part of the cost of doing business.
Pension deficits are the new normal following the 2008 recession and the labour unions are not immune. Unlike many employers in the public and private sectors, however, the OFL is addressing the pension challenge head-on. It won’t be fast or easy, but jobs won’t be cut, benefits won’t be gutted and our doors won’t close in the process.
Rest assured, in challenging employers to provide pensions that ensure their workers can retire in dignity, the OFL will be leading by example.
Sid Ryan,
President, Ontario Federation of Labour, Toronto
