TORONTO – Ontario’s finance minister says all of his counterparts agree that something needs to be done to enhance the Canada Pension Plan.
Emerging from a meeting of provincial and territorial finance ministers in Toronto, Charles Sousa says they set objectives and principles for improvements.
He says they include moderating the effect it may have on businesses and the economy.
The Canadian Federation of Independent Business is urging the ministers to reject mandatory increases to CPP, saying it will affect job creation by forcing small businesses to hike payroll taxes.
Sousa says the ministers agreed that any proposed enhancements should be fully funded and improve the pensions of middle-income workers, as well as protect low-income workers.
He says the “tsunami” of workers who will retire in the next few years will hit all the provinces hard, and those retirees won’t be able to survive on CPP.
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