Security for All: The Ontario Retirement Pension Plan
Strong leadership is needed to address Canada’s retirement income crisis.
The traditional pensions that used to accompany a job have disappeared. Most working people no longer have the security of a pension to help the transition to retirement.
Too many Canadians in their 20s and 30s are so busy paying down debt or the costs associated with starting a family that they can’t even consider saving for retirement. And too many Canadians in their 40s and 50s are faced with the challenge of providing for themselves, their children and for their elderly parents.
The reward for a lifetime of hard work should not be poverty in your golden years.
Workers and employers must work together to help fund better retirement savings options. However, the federal government has rejected a nation-wide consensus of Premiers, led by Kathleen Wynne in Ontario, and is refusing to enhance the Canada Pension Plan (CPP).
Tim Hudak refuses to join us in enhancing the CPP or in creating a new retirement pension plan for Ontarians. What is worse, his attack on the public sector would take away or reduce the pensions for hundreds of thousands of workers. The NDP says it supports stronger public pensions – it is supposedly a founding creed of that party. But, by refusing to support the 2014 Ontario Budget, the NDP opposed the biggest pension plan expansion since the CPP was created – proof they lack the leadership we need to fight for stronger retirement security for Ontarians.
We choose to lead.
In the absence of federal leadership, a Kathleen Wynne government will create the Ontario Retirement Pension Plan (ORPP). Building on the key features of the CPP, the ORPP will pay Ontarians more in retirement, funded by investment returns and premiums from employers and employees, and it will operate at a low cost. Our plan to introduce the ORPP is a practical, realistic way to pay Ontarians more in retirement.
For example, if you earn $45,000 and worked for 40 years, you would get an annual ORPP benefit of approximately $6,410 in retirement for life, on top of all other benefits, including the CPP benefit of $10,680. This would bring the total ORPP and CPP benefit to $17,090 annually for life, replacing about 40 per cent of pre-retirement income.
Our commitment to introduce the ORPP does not incur any additional costs that are not fully accounted for in the 2014 Budget. If re-elected on June 12, we will move quickly to re-introduce the 2014 Budget.
The time to lead is now.
By making the right choice, we can provide Ontarians with a more secure retirement.
This is our chance.
This is the choice.
Download the PDF document below to read more about Kathleen Wynne’s plan to give Ontarians a more secure retirement.