• Risky defined-benefit pensions now largely the preserve of government employees • Total unfunded liabilities for federal government employee pensions is $166 billion
Labour Day Reality Check: 80% of government employees have guaranteed pensions compared to just 10% of private sector workers
OTTAWA, ON: The Canadian Taxpayers Federation (CTF) today released an analysis of federal pensions based on data compiled by Statistics Canada, which shows that risky defined-benefit pensions are vanishing in the private sector, but remain overwhelmingly common within government.
“This data provides support for a widespread sentiment: that government employees get very risky, very generous pensions, paid for by people without pensions,” said CTF Federal Director Aaron Wudrick. “Government employee unions like to crow about their success in cajoling government into enriching their members – but always avoid mentioning it comes at the expense of Canadian taxpayers.”