Posted: Thursday, 12 December 2013
OTTAWA ― Ken Georgetti, president of the Canadian Labour Congress, says that the time for action has arrived on expanding the Canada and Quebec Pension Plan (CPP/QPP).
“Retirement security is one of Canadians’ biggest concerns and rightly so,” Georgetti says. “There’s no big secret why we should expand the CPP – it simply makes sense.” Georgetti’s comments come as Canada’s finance ministers plan to meet in Ottawa and at Meech Lake on December 15-16. CPP reform will be uppermost on their agenda.
The CLC has been advocating since 2009 for improvements to the CPP-QPP which would guarantee income security for Canadians when they retire. Georgetti says, “Some vested interests in banks or financial institutions that make huge profits from RRSPs and PRPPs are saying it’s not the right time and that the economy is too fragile to allow for improving the CPP. They are dead wrong and our research shows that.”