MADE-IN-ONTARIO PENSION PLAN APPROVED

Apr 29, 2015

By Bob Komsic

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The province has passed legislation to create a  pension plan for those who do not currently have one at work.

The Liberal government used its majority to give final reading to the bill to create an Ontario Retirement Pension Plan, insisting the province must take action because the federal Conservatives refuse to enhance the Canada Pension Plan.

About two-thirds of Ontario workers do not have a workplace pension.

Mandatory contributions of 1.9% from employers and workers will be phased in over two years, starting with larger companies.

CARP Image

The Zoomers’ group CARP – A New Vision of Aging – supports the ORPP.

In fact, it took part in a technical advisory committee along with pension experts to provide input on the made-in-Ontario plan, which will start January 2017.

 

 

 

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