PSAC\u00a0is\u00a0concerned\u00a0the federal government may be preparing to claw back the hard-earned retirement\u00a0benefits\u00a0federal public service workers rely on.\u00a0\u00a0<\/p>\n
Under the “Equitable Public Sector Retirement Benefits” section of the 2025 budget, the government suggests that federal public service workers are \u201covercontributing\u201d to their federal pension plans and the Canada or Quebec Pension Plans (CPP\/QPP). The government aims to correct the issue, promising this will save money both for the government and federal workers.<\/p>\n
But\u00a0this language hints that\u00a0they plan to reduce pension plan benefits for workers\u00a0to compensate\u00a0for recent changes to CPP\u00a0and QPP.\u00a0Any proposal that reduces the value of members\u2019 pensions \u2013 while framing it as a\u00a0cost saving for workers\u00a0\u2013 is unacceptable.\u00a0\u00a0<\/p>\n
The federal\u00a0government has\u00a0already\u00a0betrayed\u00a0the trust of\u00a0workers\u00a0who\u00a0contribute to\u00a0the\u00a0Public Service\u00a0Pension\u00a0Plan.\u00a0Last year, the Liberal government\u00a0raided\u00a0$1.9\u00a0billion\u00a0from pension plan, transferring the funds into the government\u2019s\u00a0own\u00a0coffers.\u00a0That decision directly undermined the retirement security of federal public service workers and set a dangerous precedent for treating the pension plan as a government piggy bank.\u00a0<\/p>\n
Combined with massive job cuts and sweeping changes to federal\u00a0labour\u00a0legislation included in this budget, the pension\u00a0change\u00a0is yet another red flag about how this government intends to treat\u00a0its\u00a0workers. PSAC will fight any attempt to undermine workers\u2019 rights \u2014 including any move that threatens the financial security of our members in retirement.\u00a0<\/p>\n
Pensions\u00a0are a core part of our members\u2019 compensation\u00a0\u2013\u00a0paid\u00a0for\u00a0and earned over a lifetime of service. Any change to pension benefits must be\u00a0transparent,\u00a0and\u00a0should be\u00a0brought\u00a0to the\u00a0unions at the\u00a0bargaining\u00a0table\u00a0\u2013\u00a0not slipped into\u00a0the\u00a0budget as an accounting exercise.\u00a0<\/p>\n
Prime Minister Carney\u2019s government still has an opportunity to show leadership by protecting and strengthening the\u00a0pensions\u00a0workers depend on\u00a0\u2013\u00a0not weakening them.\u00a0<\/p>\n
PSAC\u00a0is seeking immediate clarification from the federal government on the intent and impact of the pension language in Budget 2025. We will update members as soon as more information becomes available.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"PSAC\u00a0is\u00a0concerned\u00a0the federal government may be preparing to claw back the hard-earned retirement\u00a0benefits\u00a0federal public service workers rely on.\u00a0\u00a0 Under…\n","protected":false},"author":2,"featured_media":294482,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":{"0":"post-294481","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/294481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=294481"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/294481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/294482"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=294481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=294481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=294481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}