Retirement Security for Everyone!
Pension plans and retirement savings have been hit hard by the economic crisis and the security of many Canadians is at risk. Some companies even want to cut defined benefit plans that employees paid into throughout their working lives.
People with RRSPs and other private pensions that invested heavily in stock and financial markets have seen their investments lose much of their value. We must expand public pensions and reduce our reliance on financial markets for economic security. Public pensions remain secure but they replace only a modest share of our previous work-related earnings.
Our priorities for change call for a major shift from private to public pensions and greater security for members of existing employer pension plans. The changes we propose would benefit all workers, providing greater security while making our pension system fit the needs of a changing economy.
Get the facts on our solutions!
The federal government must:
- Phase in a doubling of payouts from the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP).
- Immediately increase Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) for all retirees.
- Create a national pension insurance fund to ensure that workers’ defined benefit pensions aren’t at risk when employers go under or speculative bubbles go bust. The United States has a pension guarantee fund covering up to about $50,000 of pension income.
