Tel. 980-0511

ae

yes Ly Ley

BORED WITH SUNSHINE, this guy gives the impression that he would be much happier on some g snow with a few icebergs not too far away. (lan Smith photo)

ood old northern

Pension plans being eroded

by inflation

Workers can’t afford fo retire

Some workers may not be able to afford to retire because their pension plans are being eroded by inflation, according to Kenneth M. Dye, the president of the Institute of Chartered Accountants of British Columbia.

Speaking to ai B.C. chamber of commerce last week, Dye said pension planners face a major problem because private plans cannot. afford the indexing for inflation built into some government plans.

If private plans are in- dexed to inflation, costs will rise within a companyand contribute to more inflation,

while if the plans are not indexed, employees in the private sector may find their pension incomes inadequate when they reach their retirement years, Dye said.

Dye said that only half the manufacturing workers in Canada were covered by a pension plan in 1978, and less than one per cent of agricultural workers had pension plans. This com- pares with 98 per cent coverage in the _ public sector.

“If the sector is going to ensure that employees have adequate pensions,” said Dye, “employers must explain that a pension is nothing more than deferred pay.

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