POLITICS

Union wants to talk to New Brunswick government about proposed pension changes

11/08/2013 12:29 EST | Updated 01/23/2014 10:53 EST
FREDERICTON - A union that represents public workers in New Brunswick says the provincial government should slow down the implementation of its proposed pension plan changes.

The Canadian Union of Public Employees is calling on the government to discuss ways of preserving the defined benefit pension plan before revising the pension plan.

Premier David Alward has promised to move the public sector pension plan to a shared-risk model in an effort to address a $1-billion deficit.

Under the changes, employees would pay between 1.2 and 2.8 per cent more in premiums, while employers would see an increase ranging from 1.2 to 3.9 per cent.

Cost-of-living increases would be conditional on pension plan performance, and over the next 40 years, full pension eligibility would be moved to 65 years of age from 60.