If approved by the provinces, a seven-year phase in period would begin in January with premiums raised moderately over time to provide greater payouts for Canadian pensioners.
Heading into the federal-provincial meeting, it was still uncertain if there would be enough support for the overhaul as any change to the CPP requires the consent of Ottawa plus a minimum of seven provinces representing at least two-thirds of the country’s population – it’s reported that the deal does not include Manitoba or Quebec.
The national deal will likely put the brakes on Ontario’s much debated Ontario Retirement Pension Plan which had been scheduled to begin enrolment work as early as January next year.
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It seems finance ministers have finally reached an agreement in principle to expand the Canada Pension Plan in a move that officials say will make a difference to working Canadians.