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4w ago

Audit Finds NB Power’s 2022 Early Retirement Plan Failed to Reduce Costs or Personnel

Auditor General’s report highlights inadequate oversight of NB Power’s $17 million retirement scheme

An NB Power truck drives through an intersection in Fredericton, on Tuesday, Dec. 19, 2023. THE CANADIAN PRESS/Stephen MacGillivray
Auditor general Paul Martin found that NB Power did not do a proper 'value for money' exercise to ensure savings when it offered early retirement packages in 2022.

Overview

  • Paul Martin found NB Power skipped a thorough value-for-money review before rolling out the 2022-23 program
  • The plan offered incentives and benefits to 148 of 618 age-eligible employees at a cost of $17 million
  • Eight participants with pre-announced retirements received a total of $1.15 million and three were later rehired on contract
  • Instead of cutting headcount, NB Power’s workforce rose by 157, from 2,953 employees in 2022 to 3,193 in 2025
  • At least two board members were not briefed on the proposal before the human resources committee’s unanimous approval