Former Hub Meat Packers workers fight pension cut
Cheques slashed by as much as 25% due to volatile markets, people living longer
Former employees of the decommissioned Hub Meat Packers in Moncton will see their pensions slashed by as much as 25 per cent.
People like Christine Gallant, who worked there for decades, say they plan to fight the cuts.
"We can't accept that. We worked hard for our pensions," said Gallant, who is 64 years old — six months away from receiving her pension.
"This is what we want to live on. We don't want it being taken away from us, every time they decide, 'Well, let's take another chunk.'"
Gallant's husband, Leonard, 66, was told his pension was safe after spending 35 years in the plant.
But he has since learned his monthly payment has dropped by 10 per cent to $642, from $713.
He says they can't afford to lose any money; they need it to survive.
But Paul Meinema, president of United Food and Commercial Workers Canada, the union that represents the workers and is a trustee on the pension board, says the cuts had to happen.
"The markets continue to be volatile," said Meinema.
"We have an environment now of extremely low interest rates … and the fact that people are living longer."