The NLEC has been an advocate for employers during the 2013 pre budget consultations. Executive Director, Richard Alexander stressed the urgency to reduce government spending and restructure the public sector pension plans. Sustainable spending now is extremely important to the future economic success of our province. The NLEC is concerned that without prudent financial management, the deficit could grow by another $4 billion in the next 2 years. A more conservative approach to public spending is needed to ensure the deficit does not continue to grow.
View the NLEC pre budget position, “Sustaining Prosperity for Future Generations.”
Pre Budget Quick Facts:
- In 2011, public sector employees accounted for 26% of total provincial employment – the highest of any North American jurisdiction.
- Government indicated that the unfunded pension and post retirement liabilities are in excess of 5.6 billion, or 66% of the total provincial net debt.
- Extensive research shows that that a large public sector leads to poor labour market outcomes & economic performance – increasing unemployment and decreasing productivity.
- Net debt is now expected to hit $8.9 billion, up from $8.5 billion as predicted last spring and NL has the 3rd highest net debt per capita in Canada.
View just some of the media coverage received: