FOR IMMEDIATE RELEASE
September 27, 2016
Federal Conservatives Disingenuous on CPP Enhancement for Canadians.
Toronto, ON: In an open letter released today, CARP VP Advocacy, Wanda Morris calls on Federal Conservative Leader, Rona Ambrose to step back from the rhetoric surrounding the agreement among Provincial Finance Ministers and the Federal Government to phase in a much needed enhancement to the Canadian Pension Plan.
Conservative Leader Ambrose continues to disparage improvements to retirement security for Canadians, while she herself will benefit from a gold-plated defined benefit pension, valued at over $3,000,000, funded directly by Canadian taxpayers. The absence of workplace pension plans for the majority of Canadians is just one of the many reasons that the CPP is in need of enhancement, a fact that seems lost on the Conservative caucus.
“The Conservatives should continue to critique Federal Government policy in their role as opposition, but to stand against the majority of Provincial Finance Ministers and disingenuously call our internationally respected pension plan for retirees a tax, while they collect a gold-plated defined benefit pensions funded by tax payer dollars is mystifying,” said Wanda Morris, CARP VP Advocacy & COO.
The Canadian Pension Plan provides a much needed, low cost, professionally managed retirement fund for Canadian workers. However, current shortfalls in retirement savings will continue to erode as workplace pensions continue to decline, costs rise and Canadians find it more difficult to save for retirement. The proposed enhancements to the CPP will help future retirees maintain a dignified standard of living, increasing the replacement target from 25% to 33% of their pre-retirement earnings, by phasing in a very slight contribution increase (1% of wages over six years) to employee’s and employer’s contribution to the national pension fund.
To read the letter click here.
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CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s
mission. www.carp.ca
