Ontario’s leadership resulted in enhancements to the Canada Pension Plan that will make retirement more affordable
People deserve to have a secure retirement. But people are living longer and workplace pension coverage is declining.
In 2014, you elected us to build Ontario up. To respond to concerns about retirement security, the Ontario Liberal government played a leading role in achieving enhancements to the Canada Pension Plan (CPP). These historic changes, which enhanced CPP benefits, particularly help the more than 65 per cent of workers who don’t have workplace pension plans. Enhancements to the CPP include:
- Increasing the maximum CPP retirement benefit by about 50 per cent
- Making employees’ CPP contribution tax deductible
- Protecting the value of retirement benefits for workers, including women who leave the work force to raise children and people who can’t work because of a disability
- Ensuring the CPP remains funded and well-managed