Pension values shrink

摘要

Some Canadian academics will have to increase contributions to their pension plans as a consequence of the recession, says the Canadian Association of University Teachers (CAUT) in Ottawa, which represents faculty members at about 70 public institutions. Neil Tudiver, CAUT's assistant executive director of collective bargaining, says that the economic downturn has decreased the value of faculty pension accounts. Provincial regulations call for reductions to public universities' costs, forcing institutions to consider plan adjustments to make up the shortfall. Tudiver says that pension contributions for affected plans will rise by 2% on average.