Barry Artiste Op-Ed
Yes, I am sure the average Newfoundlander will be crying in their Cod and Chips when they hear their Provincial Government will be coming up short to pay the pensions of civil servants, judges and retired politicians. When many Newfoundlanders could only dream of a pension, and pension, for a government to cry they are hit with a 1.6 billion shortfall to pay Silly Servant pensions, will certainly fall on deaf ears and maybe a bit of laughter from the unemployed masses.
The global financial crisis has hammered the Newfoundland and Labrador government’s pension plans, almost eradicating the gains the province invested from the Atlantic Accord.
Finance Minister Jerome Kennedy told CBC News the fund — used to pay the pensions of civil servants, teachers, judges and even retired politicians — has lost $1.6 billion in value over the last year.
Source: cbc.ca
Tags: Markets | Layoffs | Peak Oil | NEWFOUNDLAND AND LABRADOR | Tech & Biz