TORONTO - Nortel pensioners in Ontario will get a bailout thanks to the Ontario government.
Alicia Johnston, spokeswoman for Ontario finance minister Dwight Duncan, says the province will pay into the Pension Benefits Guarantee Fund so that pensioners will receive up to $1,000 per month.
Nortel's pension plan is about 30 per cent underfunded but the guarantee fund doesn't contain enough money to cover the shortfall.
Johnston confirms this afternoon the government will pay into the fund.
On Friday, Bob Chiarelli, Liberal candidate in Ottawa West-Nepean, called on the McGuinty government to ensure there are sufficient funds in the Pension Benefits Guarantee Fund to provide a pension top-up to Nortel pensioners.
