Pensions will be safeguarded under an NDP government: Earle McCurdy

The NDP unveiled another election promise Monday, promising to create legislation to safeguard worker pensions in the scenario of a major employer in the province getting into financial trouble.

"When people work for a long time— work hard, often in dangerous and tough jobs— then they shouldn't be left high and dry because of some kind of corporate restructuring, or because the corporation inadequately financed their pension plan over the years," Leader Earle McCurdy told delegates to the Federation of Labour convention in St. John's.

McCurdy cited the recent Wabush mine shutdown, where workers faced reduced pensions when their former employer, Cliffs Natural Resources, entered bankruptcy protection, as impetus for making change.

"That's clearly turned a lot of lives upside down when there was no need of it," said McCurdy.

In order to push through changes, the NDP would have to amend not only provincial legislation, but also petition the federal government to change its Bankruptcy and Insolvency Act.

"We can only commit to do what's within the provincial authority to do," said McCurdy.

"But we'll also make it a major priority with the federal government to try and get the federal legislation modernized as well."

McCurdy doesn't see such a boost to workers rights as creating a deterrent for large corporations to set up shop in Newfoundland and Labrador.

"We have the oil, we have the iron ore, we have the natural resources. And there's lots of countries which adequately look after pensioners rights in these matters, and still have investment from multinational corporations," said McCurdy.