Ontario NDP proposes pension changes

This article was originally published by the Canadian Press on Monday January 11th, 2010. To view their webpage, please Click Here

The New Democrats want the province to adopt an Ontario Retirement Plan that will allow the six out of 10 people without a plan to save for retirement.

NDP Leader Andrea Horwath says her plan would give retirees the security of a dependable level of income — and at least tide them over while the federal government ponders calls to expand the Canada Pension Plan.

The proposed plan would be available to any working Ontario resident without a workplace pension, but it’s not mandatory.

Employees and employers would be expected to contribute every year, with rates phased in over a five-year period.

The plan would also allow employees to take their pensions with them when they change jobs.

Susan Eng of the seniors’ advocacy group known as CARP says the plan would offer a flexible, secure retirement savings option and a viable alternative to what she calls “serial stalling” by the province when it comes to the pension crisis.

© The Canadian Press

Keywords: pension reform