Aug 12, 2015
By Jane Brown
When the Ontario Retirement Pension Plan is fully implemented by 2020, benefits will begin being paid out two years later. But the full payout of between $6,410 and $12,815 a year won’t be seen by workers in Ontario for forty years.
Premier Kathleen Wynne acknowledged this yesterday as she unveiled more details of the Made in Ontario pension plan.
She pointed to the seniors’ advocacy group CARP – A New Vision of Aging, in suggesting that today’s older workers are willing to invest in the ORPP for future generations.
“One of the groups that came forward early on was CARP…who will not benefit from the ORPP, but they recognized from the work they had done that their children and their grandchildren were not in the same position that they were, and so from the study’s that they looked at, they were very worried about and have been champions and supporters of the work that we’re doing here in Ontario,” Wynne explained.
The annual contribution for both employers and employees would be between $788.40 and $1642.50, starting in 2017.
Business groups, such as the Canadian Federation of Independent Business, are critical of the Ontario pension plan, predicting it will result in job losses.
Prime Minister Harper also continues to oppose the plan while on the federal campaign trail, calling it a “job-killing tax”.