,Mechanic787 wrote:
In short, this issue is Air Canada's problem. If it is Air Canada's problem, it is therefore your problem. You should therefore treat it as such. For what it is worth...
Mechanic,
You seem to have forgotten about the promise each union made in 2009 to fix the pension issue and the mechanism all unions agree to in that respect. Who required that signed promise for the club loan? The minister of finance. His involvement is finished. AC has that promise in its back pocket.
You also seem to not understand the new rules for distressed pensions as of April 1 that the gov't passed with much of it hidden in with other legislation. Even though they claim up front to be neutral. They are not. Reading on the internet won't give you an understanding. It looks politically benign until a lawyer explains exactly what the OSFI now has the power to do to your pension benefit if it becomes distressed. Trust me the law change is not about protecting pension benefits. It is about protecting companies from an obligation they can no longer afford.
However you are right about the quote above.
Other than a foreign exchange gain last year AC has not made money since 2006. This company can not make money as it is presently structured except at the peak of the cycle. The last CCAA was not about sustainability. CCAA will eventually happen again if no action is taken. What needs to happen?
Slashing is what needs to happen. That is reality. It will happen one way or another. Either we do it on our own. Or we eventually do it through another CCAA.
I am sure retirees prefer we avoid CCAA. I am sure as a new hire, what I want is sustainability.
This pension is a boat anchor. Without a company there is no pension.
Everyone and everything will voluntarily be streamlined or get left behind. failing that, we all fail together.
How's that for treating this issue as my problem?







