Conservative Finance Minister Jim Flaherty has officially broken his year-old promise today to move forward on increasing Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) benefits.
“According to the CIBC, nearly a third of Canadians won't have enough savings to live on when they retire,” said NDP Pensions critic Murray Rankin (Victoria). “But in the face of this retirement security crisis, the Conservatives are once again delaying action to increase CPP and are telling Canadians to work longer to collect Old Age Security. Canadians deserve better.”
The NDP has consistently advocated increasing CPP and QPP benefits to give middle-class families a fair break. Just this month Rankin introduced a motion urging the Conservatives to commit to an immediate phase-in of basic CPP and QPP benefits.
“Financial experts, seniors groups and provinces agree that expanding CPP/QPP is the best way to help Canadians save for retirement,” said Rankin. “Ensuring that Canadians retire in dignity is a priority for New Democrats and we will continue working to make that happen.”