Good news for GM retirees
The news gets better today, relatively speaking. In the GM restructuring plan sent to the provincial and federal governments today, the company secured pensions and benefits for retirees, as well existing jobs in Canada. For now, one should add. We don't have the fine print yet to ensure all benefits are guaranteed, but it's very good news for seniors.
A literal assault on pensioners has been taking place in our battered economy, the sector of the population least able to fight back. More and more companies talk publicly about the heavy costs attached to ex-workers and, increasingly, pension funds look about as reliable as all those bogus bank deals. Air Canada is the latest.
Clearly, pensioners must be protected across-the-board; they thought they had a deal before they retired to live on fixed incomes.