This article was last updated on April 16, 2022
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After her recent meeting with Quebec Premier Philippe Couillard, Ontario Premier Kathleen Wynne wished him “bonne chance” in Quebec’s mounting battle over pension reforms. Both provincial leaders met face-to-face for the first time officially and held a joint press conference afterwards on Thursday, i.e. the same week when unhappy public sector unionists swarmed Montreal city hall.
Wynne mentioned that Ontario and the rest of the country is encountering similar problems as Quebec, since pensions remain solvent with an aging workforce. She alleged that “I wish everyone well in the discussion here in Quebec” and that “we are all dealing with demographic realities that have changed the stability of pensions so we’re working in Ontario to make them stable and I know that’s what’s being done in Quebec as well.’ Conclusively she mentioned that “I would say bonne chance,” when asked to advice to Couillard.
Although in the past Quebec used to have 17 workers for every retiree, the figure has now been reduced down to just three workers, implying that the pensions are now mostly funded through stock market investments. Couillard mentioned that many people now usually age up to 85 years, which places additional pressures on the funds. Couillard also added that “we have to face this new reality.” In addition to pensions, the meeting agenda also included negotiations with several public sector unions. Meeting of the two premiers was held only a week before the Council of the Federation meeting in P.E.I.
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