Leading the Country to Provide Better Retirement Income Security
PEI Joins Ontario on Pension Reform
PEI is teaming up with Ontario to help develop a viable, responsible plan to improve retirement income security so people can retire more comfortably.
Both provinces were disappointed with the federal government's unilateral decision to shut down discussions on enhancing the Canada Pension Plan (CPP). Today, Ontario Premier Kathleen Wynne met with PEI Premier Robert Ghiz to discuss options to enhance retirement income security.
PEI and Manitoba are joining Ontario's Technical Advisory Group on Retirement Security. PEI will be represented by Sandy Stewart, Secretary of Economic, Trade, Policy and Strategy of PEI's Department of Innovation and Advanced Learning and former Clerk of PEI's Executive Council, and Manitoba will be represented by Ewald Boschman, the province's former Deputy Minister of Finance.
Ontario has been moving forward with its plan to strengthen retirement income security for workers and families across the province. The Technical Advisory Group on Retirement Security will explore the most effective alternatives to a CPP enhancement. The Right Honourable Paul Martin is also working with the province, as Special Advisor on retirement income security.
Improving retirement income security is part of the government's economic plan that is creating jobs for today and tomorrow. The comprehensive plan and its six priorities focus on Ontario's greatest strengths - its people and strategic partnerships.
- An additional member, Murray Gold, Managing Partner at Koskie Minsky LLP and pension counsel to the Ontario Federation of Labour, has also joined Ontario’s Technical Advisory Group on Retirement Security.
- People throughout Canada, including middle-income earners, may not be saving enough to ensure comparable standards of living in retirement.
- 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.
- Prince Edward Island has among the lowest rates of private-sector pension coverage in the country.
“We know that our voices are always stronger when we stand together. I am confident that by working with other provinces, we can find a viable, responsible solution to protect workers in their retirement. It is important that today’s workers have peace of mind that they can retire comfortably in the future.”
“At their last meeting, the provincial and territorial ministers all agreed to explore options to improve Canada’s retirement income system. Unfortunately, the federal government chose to ignore this consensus and attempted to shut down any further discussions. We will continue this important work with or without a federal partner. Enhancing CPP remains our key objective as we continue to collaborate on an issue so important to the financial security of all Canadians.”