The Teamsters Union said Wednesday it is satisfied with the Trudeau government’s first budget, which respects many of the commitments the Liberals made during the elections, including infrastructure spending, retirement and the restored tax credit to labour-sponsored funds. That Teamsters – which represents thousands of workers across the country, including those working for Canada’s two main rail companies CN Rail (CNR.TO) and Canadian Pacific (CP.TO) – has backed the Budget should support investors in rail stocks as it will likely keep rail workers on track. “This budget is not an austerity budget,” said Francois Laporte, president of Teamsters Canada. “Today’s announcements are in line with a policy of economic recovery, which our union supports entirely.” The new infrastructure spending will help workers and revitalize the job market, Laporte added. “Massive job losses in the oil industry, particularly in Alberta, hit our members hard,” he said. “We’re talking about thousands of working families going through very tough times.” Teamsters Canada is also pleased that the government decided to tackle the problem of employment insurance in its first budget, taking steps to improve and enhance the program, which has been plagued by delays and issues related to qualification. Laporte said he was also happy to see the retirement age maintained at 65, with the government reversing the Tories’ plan to delay Old Age Security to age 67. Reinstating the tax credit for contributions to labour-sponsored funds, like the FTQ Solidarity Fund, is another welcomed announcement, the Teamsters said. “These funds support Canadian businesses and start-ups while helping workers save for retirement.”
CANADA BUDGET 2016: Teamsters Union Pleased with Trudeau's First Budget; Should Keep CP and CN Rail Staff On Track (TSE:CP) - Sonoran Weekly Review