Source: The Canadian Press – Broadcast wire
Jun 20, 2016 2:30
OTTAWA – Canada’s finance ministers are meeting in Vancouver today, where they’ll try to hammer out a preliminary agreement on expanding the Canada Pension Plan.
Any improvements to the C-P-P will come at a cost.
As benefits increase, so potentially will the premiums deducted from workers’ paycheques, something the federal Conservatives say amounts to a payroll tax hike.
But Frank Graves, president of EKOS Research Associates, says it appears Canadians are prepared for that.
Graves says recent public opinion polls have shown a majority of Canadians would back an expansion of the C-P-P — maybe even a doubling of benefits and premiums.
Any changes to the pension system would require the consent of a minimum of seven provinces representing at least two-thirds of the country’s population.
Ontario’s premier, Kathleen Wynne, says if Ottawa finds agreement among the minimum number of provinces, it should move forward.
For years, Ontario has been pushing hard to upgrade the C-P-P out of concern that retirees decades from now may lack adequate retirement savings.
But some other provinces have voiced concerns about the potential impact increased contributions could have on workers and businesses.
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TAP
(The Canadian Press)
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