Canada’s Hidden Unfunded Public Sector Pension Liabilities
Canadians have known for a long time that the public sector pension scheme is unfair to taxpayers and small business owners, but it is also becoming clear that many public plans are structurally unbalanced and in need of immediate reform. Based on evidence that is available from Statistics Canada, Public Accounts and other sources, the unfunded shortfall for public pension plans across the country likely exceeds $300 billion. That works out to $9,000 from every man, woman and child in Canada.
Canada’s Hidden Unfunded Pubic Sector Pension Liabilities is the first in a series of CFIB reports that will examine the problem of unfair and unsustainable public sector pensions. Last year, CFIB launched the Pension Tension campaign to call for transparency of public sector pension liabilities and fairness for taxpayers.
The other reports from the series: Public Sector Pensions: a Runaway Train?, Calling in Sick: Comparing Days Away from Work in the Public and Private Sector, The Case for Ending Early Retirement in the Public Sector and Canada’s Two-tier Retirement.