Those who begin collecting benefits at 60, however, will take a minor financial hit. Their benefits will be reduced by 36 per cent instead of the current 60 per cent.

They also would be required to continue making CPP contributions. This would be voluntary for those 65 and older, but employers of those opting to continue paying CPP would be required to contribute.

The big reward is reserved for Canadians who wait until age 70 to begin drawing CPP. They would see their benefits boosted by 42 per cent, up from the current bump of 30 per cent.

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