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TORONTO, ONTARIO--(Marketwired - Jan 26, 2016) - The Ontario Federation of Labour (OFL) President Chris Buckley called the details of Ontario's new public pension plan a big, bold step towards retirement security and called on other provinces and territories to follow suit.
"Today's announcement sets into motion the first new social program to be launched in recent memory," said Buckley. "For years, we have been sounding the alarm about the 70 percent of Canadians who don't have a workplace pension and the conditions of poverty facing many retirees, who receive an average CPP payment of only $6,800 per year. The Ontario government has promised action and today's announcement is an important step forward."
Since Premier Kathleen Wynne first announced plans to introduce the Ontario Retirement Pension Plan (ORPP), the OFL has been working closely with the Ontario government to ensure that this made-in-Ontario pension plan enhances the retirement security of every worker. Today's announcement unveils some very promising developments in the proposal, while leaving other concerns yet to be addressed.
Chief among the details being celebrated today are:
"The ORPP plans unveiled today will extend pension payments for 63 percent of Ontarians who do not currently have a workplace pension and they will protect the value of those benefits well into the future," said Buckley. "This is a big, bold step towards retirement security and it signals the kind of change we need to have happen right across the country, with absolutely no exceptions."
The OFL today reiterated its call for the Wynne Government to: