The College Pension Plan Retirees Association is aware of many layoff notices being given to faculty and staff at BC’s post-secondary institutions. There has also been some downsizing of administrative positions. These layoffs have been caused by a long period of provincial underfunding and overreliance on international students. Since the federal government cuts to international students in December 2023, institutions have seen a steady decline in the number of students arriving and in revenues they provided.
While institutions and unions go through the menu of labour adjustment strategies to mitigate layoffs, in the end a large number of faculty, staff and some administration will be terminated. If you receive lay-off notice, you should be aware that your past contributions to the College Pension Plan, matched by the institution, are in good hands. Your investment will continue to grow until you reach retirement, when your pension will be fully covered for inflation. Now is not the time to cash out.
For advice, talk to your union, HR department, or us (info@cppr.ca).