Economists, academics, and 76% of all Canadians in a recent poll support expanding the CPP. So do eight of ten provinces. The only ones standing in our way are Alberta, Quebec and the federal government who would rather create a different savings plan - one where you take on all the risk, your employer doesn't have to contribute a dime, and banks and insurance companies get to administer - for a fee. Why give more of your hard earned savings to them when expanding the CPP is a better deal for you, and a better deal for your children when they're ready to retire?
Here is what some people are saying about labour’s proposal to improve the CPP:
Professor Jon Kesselman, Simon Fraser University
“Expanding the CPP is the best option for improving Canadian workers' retirement income security; it can ensure essential results that the proposed Pooled Registered Pension Plan cannot achieve.”
The Vancouver Sun (Op Ed), “A new year's resolution: Expand CPP,” January 5, 2011
Federation of Canadian Municipalities
“Resolved that FCM support the call on the federal government to hold a national summit on the issue of pensions and support the expansion of the Canada Pension Plan.
Resolution passed at FCM convention — May 29, 2010
“The proposal being advanced by the Canadian Labour Congress and others is to phase in an increase in premiums and payouts gradually . . . the federal opposition parties should continue pressing for CPP reforms in Parliament and on the campaign trail, if, as expected, we have a national election in 2011.”
Editorial: “Enhanced CPP still alive, barely” — December 21, 2010
Congress of Union Retirees of Canada
“[Our] key demand is to increase CPP/QPP to 50% of the average national wage.”
Pat Kerwin, President — February 2010
Douglas D. Peters, former chief economist, TD Bank
“It is clear that increasing CPP contributions is by far the best way to improve pensions for Canadians. One would hope that all the finance ministers in Canada would heed this call for an improved Canada Pension Plan.”
Toronto Star (Op Ed), “Public option best strategy to buttress pension system,” December 22, 2010
Dwight Duncan, Ontario Finance Minister
“I believe we should seriously consider building on the strengths of the CPP through a phased-in, moderate increase to retirement and survivor benefits.”
Letter to Canada’s Finance Minsters, June 10, 2010
Finance Minister Jim Flaherty - Why has he changed his mind?
“I believe that we should consider a modest, phased-in and fully funded enhancement to defined benefits under the Canada Pension Plan in order to increase savings adequacy in the future,” federal Finance Minister James Flaherty said in a letter to Ontario’s Finance Minister Dwight Duncan Thursday.
Toronto Star: James Daw, June 11, 2010
Dr. Keith Horner
“When we take the various plan features and effects into account, it appears that the greatest benefits to participants and to the economy would come from the introduction of a national DB plan, such as an enrichment of the CPP/QPP, provided that the scale of the new plan leaves most participants with room for individual choice in the level and timing of their saving.”
A New Pension Plan for Canadians: Assessing the Options, Institute for Research on Public Policy No. 18, July, 2011