Pension Reform has reached the crucial stage.
We need your help!
Thanks to the efforts of people like you, the governments (with the notable exception of Alberta) are now debating not whether they should increase the CPP-QPP but by how much.
The Ontario Government has taken the lead by publishing a discussion document in which they suggest that CPP might be increased to cover 35% rather than the current 25%. They have also suggested that the Yearly Maximum Pensionable Salary be increased to 150% of the average wage, in effect covering wages up to $70,800 rather than the current $47,200.
You can download the entire document at http://www.fin.gov.on.ca/en/consultations/pension/ris.html
If you live in Ontario, the government needs to hear from you that the CPP should be increased to 50%. The Department of Finance is receiving responses at firstname.lastname@example.org
It is even more important that you send this message to
Dwight Duncan, Minister of Finance,
Ministry of Finance
7th Floor, Frost Building South
7 Queen's Park Crescent
Toronto, Ontario M7A 1Y7
Email : email@example.com
Dalton McGuinty, Premier
Room 281, Main Legislative Building,
Toronto, Ontario M7A 1A1
If you live outside Ontario, please contact your Minister of Finance to ask that support increasing CPP – QPP coverage to 50%.
They need to hear from you before November 29, 2010.
Why should someone on pension bother with improving the CPP because if they won't get the increase? There are three excellent reasons:
1. Your Children
2. Your Grandchildren
3. Your own Negotiated Plan
Fewer young workers have any workplace pension plan and those that do usually have a defined contribution plan rather than a defined benefit plan. I know my kids are not going to enjoy the good workplace plan that I have.
Following the stock market reversals of 2008, many workplace plans are underfunded. Faced with the necessity of funding them, many are getting out of them and cutting benefits to retirees. An expanded CPP will ease the financial burden on these plans and thereby make your benefits more secure.
Pat Kerwin, President,
Congress of Union Retirees of Canada (CURC)