August 29, 2016 4:18 pm
Updated: August 29, 2016 7:13 pm

Tories ask for emergency meeting on Canada Pension Plan

Federal Finance Minister Bill Morneau is flanked by his provincial and territorial counterparts as he speaks during a news conference after reaching a deal to expand the Canada Pension Plan, in Vancouver, B.C., on Monday June 20, 2016.

THE CANADIAN PRESS/Darryl Dyck
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The federal Conservatives are requesting an emergency meeting of the House of Commons Finance Committee next week to hear from the finance minister about the expansion of the Canada Pension Plan (CPP).

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In a letter sent to Bill Morneau on Monday, Conservative committee members Lisa Raitt, Phil McColeman and Ron Liepert tell Morneau they “wish to hear from you and your officials about the details of the proposed Canada Pension Plan expansion, as well as any analysis undertaken by the government regarding its impact on jobs, middle class families, economic growth, plan sustainability, and public finances.”

READ MORE: Canada Pension Plan makeover was swift in policy-making terms

The Liberals announced in June that they had reached an agreement with the provinces for  an overhaul of the pension system. Quebec abstained from signing the agreement  but Morneau said the province will remain a part of the discussion.

Under the agreement, starting in 2019, contributions for a typical worker earning about $55,000 would initially increase by $7 a month and employers would match those contributions.

The plan will be phased in over seven years until 2025 and it means when people retire their maximum annual benefits would increase by about one-third to $17,478.

WATCH: Bill Morneau says CPP reform will improve retirement outcomes for future generations

In their letter on Monday, the Conservative MPs said they feel “Canadians, parliamentarians and stakeholders were not adequately consulted” before the changes were announced.

“The changes being proposed are very significant. Canadians deserve to know more about them before the agreement with the provinces is finalized and before your government tables the legislation,” the letter reads.

“We will issue the request for a meeting to the Committee Clerk on September 4th. We hope the advanced notice provided by this letter helps your office and the Clerk find a time that can accommodate your busy schedule.”

The NDP agree on the need for a meeting but their concerns are different than the Tories.

“The NDP has long called for CPP expansion,” NDP finance critic Guy Caron told Global News.  “We want to take a closer look at this deal as we are concerned that it does not fully address retirement security.

“We are also concerned that the deal does not help anyone who is close to retirement at the moment. The meeting is important to take a closer look at this deal.”

-With files from Kevin Nielsen  

© 2016 Global News, a division of Corus Entertainment Inc.

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