December 16, 2013
Canada’s Finance Ministers met near Ottawa on Monday to discuss a proposal to expand the Canada Pension Plan (CPP) to provide better retirement benefiots for working Canadians.
The plan, backed by most provinces, was rejected by the Federal Conservative government. The Manitoba government, which supports the expansion plan vowed to keep working towards expanding the CPP.
The Manitoba Federation of Labour expressed deep disappointment that the CPP expansion was blocked by the federal government. “Canada is facing a retirement income crisis and current policies have failed to ensure we are saving enough for the future,” said MFL President Kevin Rebeck. “Expanding the Canada Pension Plan is a solution that sets Canada on a path to ensuring retirement security for all.”
Rebeck noted that gradually expanding CPP over several years makes sense because the plan is well mamaged with much lower administative costs than private money managers charge. The plan is also transferable, moving with workers when they change jobs or move frm province to province.
Read the whole story at CBC Manitoba.
Find out more about the plan to expand the Canada Pension Plan.