Caisse Expected To Post Astonishing Losses -- CTV News
They are the kind of numbers likely to induce a heart-attack.
La Presse is reporting that the provincial pension fund, the Caisse de Depot, will report a $38 billion loss at the end of the month when it posts its financial results for 2008.
That represents 26 per cent of its total value. It is also the same amount as the operating budgets of the Health and Social Services Ministry and Education ministry combined.
The losses could mean the employers and employees of Quebec are forced to shoulder the fallout, in the form of higher fees and contributions to the Quebec pension plan, the auto insurance program or the work safety commission.
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Update: Quebec Opposition gangs up on gov't amid leaks of Caisse losses -- CBC News