Legislation to Amend the Future Fund Act Passes Third Reading

The article reports that Tony Wakeham’s government amended the Future Fund law on June 2, 2026, removing the mandatory deposit of oil royalty revenues and the requirement to lock withdrawals until 2033. It states that this change allows potential raiding of the fund to cover a projected 2026/27 deficit, with critics noting over $180 million already…

The province proposes Bill 10 to amend the Workplace Health, Safety and Compensation Act to include Temporary Earnings Loss (TEL) benefits in retirement benefit calculations, retroactive to Jan. 1, 2019. If passed, about 3,100 workers with WorkplaceNL claims could receive a one-time retirement benefit increase (average about $5,800) and more than 700…

The Future Fund Act passed its third reading in the House of Assembly. The bill would remove mandatory annual contributions and limit withdrawals to preserve the fund for debt reduction and long-term fiscal sustainability, and it will receive Royal Assent after passing third reading.

The article reports that Newfoundland and Labrador’s Wakeham government proposes changes to the Future Fund that would make annual contributions voluntary, potentially deferring or eliminating payments when the province is in deficit and allowing raids on the fund to pay down debt. It argues these changes would gut the fund, reduce long-term savings, and…