Why the ‘Occupy’ movement? A true story
October 28th, 2011 | Posted in Financial News | 2 comments »
Letter to the editor
I worked at the Fraser Papers’ mill in Edmundston, New Brunswick for 36 years. On each pay cheque, I contributed a portion of my wages to the pension fund, which I believed would be a guaranteed investment.
In 2009, with talks of a potential bankruptcy at Fraser, I decided to withdraw my pension plan with the aim of securing my assets. I signed documents and withdrew the first pension payment that I was entitled to. Unfortunately, I was able to benefit from my full pension for only three months. Having given 36 years of my life to Fraser Papers, I got a full pension for three months. In other words, one month of pension for every 10 years of service!
In October 2009, I saw my benefits thin out by 35.4%. No longer being able to live within my means, I had to return on the job market. My search for a job was quite difficult since I have health issues. During a five-month period, I sent 134 résumés and got three part time jobs at minimum wage.
Given that my wife has health issues, such as diabetes, I had no other option than to return to work on part time basis at minimum wage. I also have health problems; I have to take medication on a regular basis in order to be able to complete my work.
What frustrates me is that there was a written contract with Fraser Papers guaranteeing my pension. I invested in that pension for more than 36 years. Why, but why must I have to pay for the deficiencies in the Canadian laws and for the abuse by Brookfield Asset Management?!
Why the Occupy movement? Because too many laws in this country are about protecting big corporations, not workers. This is just my true story of how.
Jacques Sarlabous
Edmundston, NB
Related Posts
- CEP files legal action against directors of Fraser Papers
- Fraser Papers retirees seek legal justice over corporate pension theft
- Norbord reportings break-even results in first quarter of 2012
- Rick Eng appointed as Vice President, Finance & Chief Financial Officer at Ainsworth Lumber Co.
- Ainsworth announces refinancing plan
- Ainsworth files preliminary prospectus in respect of rights offering
- Western Forest Products closes secondary offering by Brookfield Special Situations Management Ltd.
- Ainsworth Lumber completes right offerings, raising gross proceeds of $175 million
but i’m pretty sure that the ceo and the other top guys, won’t have a pension problem, with all the million in bonus the probly recieved, after they practicly robbed the hard working guys like you, then the company don’t pay their bills cuz they are broke , but still pay those top guys millions of dollars in wages, now they wonder why the small guys are revolting,
karma is coming to wall street, the balance will have to flip in the other direction, cuz its going to get to be the small hard working guys, that are about to take control, we have now nothing to loose anymore, but everything to gain, but they can’t run a big corporation, if the hard worker don’t show up for work, so wall steet better brace up, cuz the small people just have enough of your bull sh**t,
Hello Jacques;
Hey Brother how are you doing? Just want to say that you are not alone, and I hear ya.I worked for a Company in a ( Sawmill ) in small town Alberta, we have/had a Union, and when you got hurt or sick, you would have to pull RRSP’s or part of what pension we had to pay the bills.My Doctor had me go back to work on my regular job but the company would not let me, so due to Harassment in the work place and my Human rights Violated I had to quit.Wife and I lost our home she had to quit her job no help from any one ie Union.So now I have put lots of Weight on we live in her Moms basement were I do not go out any where due to agorafobia.I will one day regain my life back, its good to see that there are people standing up to the big corps.I hope things get better for you and your Family.Take Care