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ARTICLE · 11 AUGUST 2008

The Pension Implications Of The Wage Earner Protection Program

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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On July 7, 2008, the Wage Earner Protection Program Act (the "WEPPA") was proclaimed into force, along with complementary amendments to the Bankruptcy and Insolvency Act (the "BIA") and other related statutes.

CanadaFinance and Banking
BLG'S Pension & Benefits Group
BLG'S Pension & Benefits Group
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On July 7, 2008, the Wage Earner Protection Program Act (the "WEPPA") was proclaimed into force, along with complementary amendments to the Bankruptcy and Insolvency Act (the "BIA") and other related statutes. The new program protects a limited amount of the unpaid wages of employees when an employer becomes bankrupt or is placed into receivership, and the amendments to the BIA provide for the priority of some un-remitted pension contributions.

The Wage Earner Protection Program (the "WEPP") The WEPP provides compensation for unpaid wages to employees who lose employment due to the bankruptcy or receivership of their employer. The wages, which include salary, commission, and vacation pay, must have been earned in the 6 months preceding the bankruptcy or receivership, and the amount is capped at approximately $3,000. Termination and severance pay are not covered under the WEPP. Officers and

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