Average settlements of $16,000 now being made by Saskatchewan government.
Pensions and Retirement Security
Sets precedent likely to undermine pension plans across the country.
"It was reassuring to hear the OECD state so frankly that an effective pension system is not only socially necessary, but also one of the required responses to the economic crisis," says Larry Brown, NUPGE Secretary-Treasurer
'No wonder the most enthusiastic endorsements have come from employer oriented think tanks.'
'They lost $24 billion and they wiped out the last four years of contributions in that loss.'
Public sector workers pay 8% to 9% of their income to finance public pension plans, far more than the 3% to 5% contribution rate for other workers with pensions. - NUPGE's Larry Brown.
'Governments should underwrite the pension plans of Canadian workers because to do anything else would be unfair and economically disastrous.' - Larry Brown, NUPGE.
CPP Investment Board says long-term outlook remains stable despite setbacks caused by turmoil in international economic markets.
NSGEU critical of province for not working with union to develop best way to plan for the future.
Funds valued at $869 billion compared to $951.7 billion the previous quarter.