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UPDATE FROM THE CANADIAN VICE PRESIDENT AND CHAIRMAN
Although 2009 was an exceptional year for economic recovery following a truly financially traumatic 2008 year, the Fund continues to be prudent and cautious to ensure your pension money continues to grow. We have taken pre-emptive steps to prevent the reduction of benefits and to date our assets have grown to over $2.4 billion. This demonstrates the strength of what people can achieve when they work towards a common interest and this is the true foundation of how Unions were built. The innovators of the pension plan had a vision to provide the membership with a dignified retirement to all unionized construction workers in Canada. We will continue to build on this legacy for many years to come. The construction industry itself has seen significant growth over the September 2009 to September 2010 year. In fact there was a 5.8%1 increase in employment in this industry during this period. This in turn means our members are out there working and the Fund is receiving contributions towards their pensions. The increase in employment is primarily due to the Federal stimulus packages that were introduced in 2009 under the Canada Economic Action Plan. The $16 billion in funds that the federal government has allocated towards building infrastructure (such as building/improving roads, bridges and transit) and stimulating housing construction across Canada has further assisted in putting our members back to work to not only support their families but also build their nest egg in the Labourers’ Pension Fund. We also expect to see a steady growth of construction opportunities over the next few years particularly in Ontario due to the upcoming 2015 Pan Am games which in turn represents more working opportunities for our members. We are optimistic and look forward to continued growth at the Fund and in the labour industry for 2011. Fraternally yours, Joseph S. Mancinelli
1 Source: Statistics Canada, Employment by Major Industry Groups October 8, 2010 |
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A year in review
