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momcqueen · ‎07-07-2016

Good news overnight on the looming postal lockout/strike front. To paraphrase The Godfather, the federal government has made an offer they can't refuse.

https://www.canadapost.ca/web/en/blogs/announcements/details.page?article=2016/07/06/canada_post_pre...

Canada Post Prepared to Submit to Binding Arbitration

Federal Minister of Employment, Workforce Development and Labour, MaryAnn Mihychuk, has asked both Canada Post and the Canadian Union of Postal Workers (CUPW-Urban and CUPW-RSMC) to submit to binding arbitration to resolve the current impasse at negotiations.

The Canada Post Corporation has already agreed. "It is our hope that CUPW will consider submitting to binding arbitration to end the uncertainty. Canada Post is extending the current 72-hour notice period to Monday at 12:01 am to provide time for the union to consider this option."

It would be suicide for the unions to refuse, although I do expect they will make a show of doing so and wait until the final moments to concede. Binding arbitration is the best we can hope for at this point.

marnotom! · ‎07-20-2016

Isn't the CPP a defined benefit plan?

pierrelebel · ‎07-20-2016

Yes.

rose-dee · ‎07-20-2016

@marnotom! wrote:
Isn't the CPP a defined benefit plan?

Yes, it is. But it's not enough on its own. Who can live on a few hundred dollars a month these days?

marnotom! · ‎07-20-2016

@rose-dee wrote:
@marnotom! wrote:

Isn't the CPP a defined benefit plan?

Yes, it is. But it's not enough on its own. Who can live on a few hundred dollars a month these days?

Never said it was enough on its own. Only asking about the nature of the plan as I'm wondering if that may be jeopardy somewhere down the line.

pierrelebel · ‎07-20-2016

"I'm wondering if that may be jeopardy somewhere down the line. "

No.

That is why the plan was created fifty years ago - to offer a minimal but real guarantee of a monthly pension payment.

Many company pension plan incorporate CPP as part of the benefits. Once the retiree reaches the age of collecting CPP, his/her own monthly pension payments are reduced by the amount received from CPP.

It will take many many years for the new supplementary CPP to be in place but, eventually, it will benefit all Canadians.