Thursday 25th May 2017 How well are you schooled on the proposed CPP expansion deal | MsimuliziOnline.Com

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How well are you schooled on the proposed CPP expansion deal

“It’s stunning that governments are racing forward on a policy change of this magnitude when most Canadians are completely unaware of how it would affect them,” said CFIB president Dan Kelly.
  • More than 70 per cent of Ontarians don’t realize that current retirees would get nothing from CPP expansion.
  • 43 per cent of Ontarians mistakenly believe that the government pays for part of the CPP.
  • Only a quarter of Ontarians know that it would take about 40 years for the full increase in benefits to be available.

A new Ipsos poll reveals that most Ontarians don’t know how the Canada Pension Plan (CPP) works, or what the proposed CPP expansion would mean. When presented with some of the expansion’s probable effects on wages, three in four employed Ontarians – and 70 per cent of employed Canadians – said they would oppose the hike. In light of this latest information, the Canadian Federation of Independent Business (CFIB) calls for the expansion deal to be put on hold until full education and consultation can take place.

“It’s stunning that governments are racing forward on a policy change of this magnitude when most Canadians are completely unaware of how it would affect them,” said CFIB president Dan Kelly. “The results show that governments have been anything but clear about the reality of this proposal and that public support for the deal vanishes when people are presented with the likely impacts.”

“CPP expansion would be too big of a hit on small businesses and employees without meaningful consultations first,” said Julie Kwiecinski, CFIB director of provincial affairs for Ontario. “A full 83 per cent of the Ontarians want public consultations before CPP expansion. We encourage the Ontario government to properly and fully consult, and add formal, financial literacy courses to the curriculum to help our young people understand their savings options.”

The poll also found that 72 per cent of working Ontarians oppose CPP expansion if it means their wages would be frozen during the phase-in period. That jumps to more than 84 per cent if it would result in wage cuts. Both outcomes are likely, according to previous CFIB surveys of small business owners.

To see the full results of the CFIB CPP survey, please click here.

Source: CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region, including 42,000 members in Ontario representing about 500,000 employees.

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