Bringing you the issues since 1986

View Online Print Edition


Liberals announce plans to strengthen public pensions

April, 2011

The Liberal Party is proposing a three-pronged plan to boost government pensions and help Canadians save for their retirement as part of its electoral pitch to seniors.

The keys to the proposal, among its first election promises:

• Gradual expansion of Canada Pension Plan benefits, in co-operation with the provinces.

• A new Secure Retirement Option that would offer a voluntary tax-deductible savings option backed and run by the CPP.

• $700-million annual boost to the Guaranteed Income Supplement to reduce poverty among seniors, especially women and people with disabilities.

Martin Cauchon, the Liberal candidate in Outremont seeking to unseat New Democrat Thomas Mulcair, says the proposed Secure Retirement Option would help those Canadians without access to a pension plan.

“Canadians who work their whole lives to provide for their families deserve a secure retirement with pensions they can count on,” Cauchon said in a recent interview.

“Stephen Harper chose to abandon the Canadian Pension Plan and let five years pass by without delivering serious, much-needed pension reform,” he added. “Now, while he’s looking at complicated, higher-risk and higher-cost private options, Liberals are standing behind our trusted Canada Pension Plan.”

To help workers left out in the cold when their employer goes bankrupt, the party also says it is committed to greater protection for those collecting long-term disability benefits.

It also proposes creating a Stranded Pension Agency to give Canadians new and safe options to manage their private pensions after corporate bankruptcies.

“Fewer and fewer Canadians have access to a high-quality, employer-sponsored pension plan,” Cauchon said. “Contrary to what the Conservatives believe, a private option on its own would fail to meet the needs of Canadian families.

“We can strengthen families—without raising your taxes or making Canadians wait another five years—if we stop the Conservatives’ corporate giveaways and the billions they’re wasting on jets and jails,” Cauchon said.



Post a Comment