Quote:
Originally Posted by Resolute 14
I am of the opinion that to CUPW, the 'fix' is just to have taxpayers cover any deficits, yes.
No, that is not what my post translates to. Because, again I think they are just fine with having taxpayers cover it.
They are going to risk being locked out because they aren't willing to make the same change CP's other unions have.
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When you say the CUPW, do you mean the leadership or the members? Or both?
In either case do you really think they are operating under the assumption that they are guaranteed their pension no matter what just because they are a crown corporation? No pension is guaranteed, even one with a defined contribution. This is a fact. Mismanagement of any pension can put that plan's members at risk. I'm not saying the government would not look at bailing them out, but let's say they decide to bail them out only partially instead of fully, this would have a massive impact on a persons retirement. These workers know this, and so does their leadership, and they are there to look out for their members best interest, which is why they will not endorse a deal that leaves their current members at risk so that Canada post can save money(their contributions will be cheaper) on a new plan for new hires who are not even members at the moment.
They are risking lockout because they do not agree with Canada post's solution and want a different one. At this stage in the game Canada post has only one interest in changing the current plan, and that is their own financial gain. Whether they keep the plan or change it to the new one, the only difference it makes for Canada post is that they will save money on their annual contributions, that is all. With or without the plan change, the current deficit is of no concern to them, their employees will either lose their pension or taxpayers will bail them out. Canada post loses nothing either way, the only potential financial loss to them would be continuing to pay the same currently higher contributions if the old plan remains.
They have no reason to be concerned about the taxpayers as they are not liable for balancing their pension plan. Being a crown corporation does equate being a publicly funded corporation, they operate independently under their own their own revenue. Canada post knows this and so does the CUPW.