Kruger denies hiding information about its pension formula
May 16th, 2012 | Posted in Financial News | No comments »
Kruger sent a letter to its employees recently to say the company has been falsely accused of holding back information regarding the pension formula.
On Monday, the CEP held a pair of emergency union meetings in Corner Brook to discuss the alleged discovery that the negotiated proposal to grant the company a 5 year extension to make up for a deficit in pension plans would change the benefit formula.
Bruce Randell, president of CEP Local 242, said the reduction in pensions of current employees could be as much as 25% in 2014.
The deadline to approve the funding relief measures is Thursday.
The letter, signed by Daniel Archambault, chief operating officer of the Industrial Products Division of Kruger Inc., said “the company never had any intention to renege on its 2005 commitment and it is appalling to hear such declarations after we have helped the mill survive the recent recession and worked relentlessly with the unions to find solutions to secure the Corner Brook operation for the long term.”
Read more from The Western Star: Kruger says it was falsely accused by unions




