TORONTO – CARP is extremely pleased that the federal and provincial governments have come to an agreement to enhance the Canada Pension Plan. For years CARP has strongly advocated for CPP enhancement in order for more Canadians to be able to retire well. The agreement comes as a welcome first step.

“This is an historic moment. CARP and its members have been advocating at all levels of government for years to achieve a meaningful enhancement to the CPP,” said Wade Poziomka, CARP’s Director of Policy. “All Canadians deserve to live with dignity in retirement. This is a good first step to help achieve that goal.”

CARP still favours greater enhancements, but the agreement reached between Canada’s finance ministers is largely consistent with changes supported by CARP members. Fully nine-out-of-ten CARP members sought meaningful enhancement of the CPP.

Despite the fact that few CARP members will personally benefit from an enhanced CPP, they saw enhancing retirement security as a critical investment in future generations.

“CPP enhancement is important to CARP’s membership because they recognize the challenges that young people face today when it comes to savings,” said Poziomka. “With less access to workplace pension plans, a CPP that meets the needs of Canadians today is so crucial.”

“CARP is grateful for the federal and provincial leadership that helped bring this agreement about.”