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ORPP Step Towards Retirement Security


Ontario's new public pension plan is “a big, bold step towards retirement security” and Canada’s other provinces and territories should follow suit, says Chris Buckley, president of the Ontario Federation of Labour (OFL). This move unveils some very promising developments in the proposal, while leaving other concerns yet to be addressed. Among the positive details are the pre-retirement indexation that would be pay out benefits based on their present-day value; post-retirement indexation that would tie benefit payments to inflation; and the extension of pension benefits to part-time workers. However, the OFL reiterated its call to guarantee at least 25 per cent labour representation on the ORPP Administrative Board; the extension of ORPP benefits to seasonal and contract workers; the closing of income tax loopholes excluding self-employed workers; and to unite in its support for an expanded Canada Pension Plan.” and Canada’s other provinces and territories should follow suit, says Chris Buckley, president of the Ontario Federation of Labour (OFL). This move unveils some very promising developments in the proposal, while leaving other concerns yet to be addressed. Among the positive details are the pre-retirement indexation that would be pay out benefits based on their present-day value; post-retirement indexation that would tie benefit payments to inflation; and the extension of pension benefits to part-time workers. However, the OFL reiterated its call to guarantee at least 25 per cent labour representation on the ORPP Administrative Board; the extension of ORPP benefits to seasonal and contract workers; the closing of income tax loopholes excluding self-employed workers; and to unite in its support for an expanded Canada Pension Plan.

Courtesy of Benefits and Pensions Monitor website News Alerts 

 

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