Senate passes Canada Prompt Payment Act

0
553
prompt payment image
Image from the CISC blog

The Canadian Institute of Steel Construction (CISC) says it applauds and thanks all Senators for their leadership in passing Bill S-224 after third reading in the Senate on May 4.

“The passage of Bill S-224 in the Senate marks a significant milestone in our efforts to push for legislation that mandates timely payments for our businesses and for the over 1.3 million construction industry workers in our industry,” CISC president Ed Whalen said in a statement.

“We are proud of the impact and leadership that the CISC and its Members and Associates have had in championing Bill S-224.”

“Delayed payment is one of the biggest issues impacting the Canadian construction industry, taking billions out of the economy, and putting thousands of middle class families at risk of job losses and bankruptcies,” CISC says in its news release. “According to industry data, $46 billion in payments remained unpaid past a 30-day period which represents about 16 per cent of the estimated $285 billion in annual construction activity in Canada.”

“Today we are one step closer to securing the long-term future of our industry and the livelihood of millions of middle class Canadians that depend on us,” CISC says. “We urge the House of Commons to strongly consider the devastating impacts of delayed payments on our industry and on the middle class families that we support, and for the benefit of all Canadians, pass Bill S-224 with overwhelming support.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here