Finance minister must honour commitment to improve retirement security: NDP

OTTAWA – NDP Pension Critic Irene Mathyssen (London – Fanshawe) called on the finance minister to honour his commitment to work with the provinces to increase retirement security for Canadians. The finance minister has yet to honour his six-month-old promise to work with the provinces to increase the Canada Pension Plan / Quebec Pension Plan.

“In December the finance minister promised Canadians that he would meet with his provincial counterparts by June 2013,” said Mathyssen. “June is almost over and there’s no sign of a provincial finance ministers meeting anytime soon. I have asked the minister in the House several times when the meeting will be scheduled and he has refused to answer.”

More and more Canadians are heading into retirement without enough savings. There is a growing consensus that a phased increased in the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) is the most practical and effective way to boost the retirement security of Canadians. As even the government’s own data shows, a modest increase in CPP premiums could finance a substantial increase in benefits.

“Canadians depend on the CPP/QPP for retirement security,” said Mathyssen. “The government’s failure to show leadership on this extremely important issue shows the Conservatives don’t take the retirement security of Canadians seriously.”