Paul Martin Named Special Advisor on Retirement Income Security
Government Working on Made-in-Ontario Plan
Premier Kathleen Wynne announced today that the Right Honourable Paul Martin has agreed to serve as Special Advisor to the Minister of Finance. Mr. Martin will work with the government on a made-in-Ontario solution to enhance retirement income security for the people of Ontario.
The announcement followed a meeting between the Premier and the former Prime Minister, where they discussed the urgent need to help hardworking people build a more secure retirement.
As federal finance minister, Mr. Martin played an instrumental role in the 1997 federal-provincial agreement to reform the CPP. These reforms were critical to ensuring the plan would be financially sustainable.
Helping people retire with dignity and security is part of the government's economic plan to invest in people, build modern infrastructure and support a dynamic and innovative business climate.
- The Right Honourable Paul Martin was the 21st Prime Minister of Canada from 2003 to 2006.
- Fewer than 35 per cent of workers in Ontario have a workplace-based pension plan. Coverage for workers in the private sector is even lower, with only 28 per cent having the benefit of plan membership.
- Retirement savings experts suggest that individuals require 50 to 70 per cent of their pre-retirement income to maintain their standard of living in retirement. Many Ontarians, including middle- and higher-income earners, may not be saving enough to meet this target.
“I want to thank Paul Martin for taking on this role as Special Advisor. Together, I know we will help protect Ontario’s hardworking people in their retirement with a made-in-Ontario solution that is viable, responsible and puts people first.”
“I am pleased that Paul Martin has agreed to act as Special Advisor on retirement income to the government of Ontario. After the federal government failed to agree to enhance the CPP, our government announced that we will move ahead with a made-in-Ontario solution to enhance retirement savings in the province. Paul Martin will bring a wealth of knowledge and experience as we work towards ensuring that future generations have a more secure retirement.”