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CPP Campaign Renewed In Fall

The Canadian Labour Congress will renew its campaign this fall for enhanced CPP this fall, says Jo-Ann Hannah, director, pensions and benefits, for UNIFOR. She told the Municipal Retirees Organization Ontario (MROO) annual general meeting that it will call for a doubling of benefits from 25 per cent to 50 per cent using a contribution rate which would increase to 16 per cent. She said reports that few seniors are living in poverty are misleading. With current government retirement benefit programs, many are just above the poverty which does not mean they are living in dignity in retirement. She said 30 to 50 per cent of Canadians will face a significant drop in their standard of living in retirement since 13 million do not have a pension plan and only 24 per cent have a workplace pension plan. And while the lack of pension plan is an important consideration, she said the type of plan also matters. While defined benefit plans have been maintained in the public sector, in the private sector employers are still converting them to defined contribution plans. The change, however, is coming now as a matter of corporate policy, she said, not as a means to help ensure the survival of a company as in the past.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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