Time to Move Forward on Pension Reform
January 8th, 2014 - 1:43pm
It is time to reform Canada's pension system.
In 2013 there was significant discussion about the inadaqucies of our pension system in Canada.
The current pension system is failing Canadians. According to the CIBC, nearly a third of Canadians won't have enough savings to live on when they retire.
Provinces such as PEI, Ontario and Manitoba have been calling for an expanded pension system to protect all Canadians. Some provinces have indicated they are prepared to move on their own if the Federal government continues to fail to act.
What has the response been from the Federal government? Finance Minister Jim Flaherty has officially broken his year-old promise today to move forward on increasing Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) benefits. Instead of increasing CPP benefits they are telling Canadians to work longer to collect Old Age Security. Canadians deserve better.
We need to immediately phase-in improvements to basic CPP and QPP benefits.
Financial experts, seniors groups and provinces agree that expanding CPP/QPP is the best way to help Canadians save for retirement.
One of our top priorities in 2014 must be to act to ensure all Canadians can retire in dignity.