Thank you, Mr. Speaker. Mr. Speaker, as we are all aware, Giant Mine pensioners were notified last February that their former employer, Royal Oak Mines, had under-funded their pension plan. This resulted in the former workers losing approximately 25 percent of their pension payments as of April 1, 2000.
Mr. Speaker, last March our Legislative Assembly unanimously supported a motion to urge the Government of Canada to take immediate action and restore the full pension entitlements earned by these workers.
Despite the obvious unfairness of the situation, federal Minister Robert Nault has advised us that the Government of Canada will not provide any money to make up for the pension shortfall.
Mr. Speaker, the recent announcement that the financial state of the fund has improved and pensioners will now receive 91 percent of their entitlement is certainly welcome. It still leaves pensioners significantly short of what should rightfully be theirs. More importantly, this does not make up for the fact that the laws of our country did not provide relief or protection for the innocent workers or widows in this case.
Mr. Speaker, I call on our government to let the federal government know that we support the private member's bill that was recently given first reading in the House of Commons in Canada. The bill was introduced by MP Pat Martin. It proposes to change the Federal Bankruptcy Act so that unpaid wages and payments with respect to pension are given first priority over claims of ordinary creditors.
Mr. Speaker, I also believe that our territorial legislation should be changed. As is the case in Ontario, our government could create a Pension Benefits Act that establishes a fund to guarantee the payment of pension entitlements.
Mr. Speaker, when it comes to bankruptcy, employees and pensioners across the Northwest Territories and across Canada must know that their pension benefits will be protected. As a government, we must guarantee that workers always receive the entitlements that they have earned. Thank you, Mr. Speaker.
--Applause