Ontario is moving ahead with a first-of-its-kind mandatory provincial pension plan that would build on the strengths of the Canada Pension Plan (CPP) and support long-term economic growth.
In light of the federal government’s ongoing refusal to enhance CPP, the Ontario Retirement Pension Plan would take a balanced approach to support workers in the province. It would especially help middle-income earners without workplace pension coverage and would be cost-effective, responsible and designed to meet the needs of a 21st century workforce.
The ORPP would:
Despite federal inaction, Ontario is committed to building a strong and secure retirement income system to help ensure that people in the province are better able to enjoy their retirement years.
“The federal government has consistently refused to commit to an enhancement of the CPP, so Ontario is leading the way with the ORPP. After a lifetime of hard work and contributing to the economy, Ontarians deserve better than to face lowering standards of living in retirement. Without help, that future is discouraging for many, especially since two-thirds of Ontario workers don’t have access to a workplace pension and many are unable to save enough on their own to provide for a secure retirement.”
─ Mitzie Hunter, Associate Minister of Finance
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