Ontario Premier Wynne and Pension Minister Mitzie Hunter defend new Ontario pension plan from business attacks.
The Ontario Government’s proposed Ontario Retirement Pension Plan (ORPP) is hitting a solid wall of business opposition.
The purpose of the plan is to provide a supplement to the Canada Pension Plan (CPP) for the roughly 60% of Ontario workers who lack a defined-benefit workplace pension. The new provincial pension aims to increase retirement incomes of those enrolled by nearly as much as the benefits paid by the CPP.
But Ontario business is doing everything it can to make sure the new Ontario pension plan never sees the light of day.
Ironically, business is backing another newly introduced Liberal retirement savings option – the Pooled Registered Pension Plan (PRPP). On December 8, two separate pieces of legislation were introduced by the Ontario Liberal Government: one enabling an eventual ORPP and the other, PRPP’s. Continue reading
In a speech Wednesday to the Second National Summit on Pension Reform, the Ontario Minister responsible for the propsoed Ontario Retirement Pension Plan, Mitzie Hunter, described launching the mandatory workplace retirement plan by 2017 as “an ambitions, sometimes daunting challenge
More details have emerged regarding Ontario’s new mandatory pension plan, the Ontario Retirement Pension Plan.
In an evening speech Wednesday to the Second National Summit on Pension Reform, the Ontario Minister responsible for the plan, Mitzie Hunter, described launching the mandatory workplace retirement plan by 2017 as “an ambitions, sometimes daunting challenge,”
The speech shed new light on a fundamental philosophical difference on pensions with the Harper Conservative government and business on one side and the Ontario Liberal government, the NDP, labour and senior’s groups on the other side.
The Federal Conservatives’ view is that Canadians don’t need help to save. In their view, the existing Canada Pension Plan offers a good start and what we need is a bit more individual discipline to take advantage of available tax breaks. If you don’t have a company pension, the Conservatives believe it’s up to you to set something aside in your Registered Retirement Savings Plan (RRSP). Continue reading