71. Priority Resolution: Canadian Pension Plan (CPP) Enhancements
WHEREAS approximately 65 percent of private sector workers in Canada have no workplace pension plan to supplement their CPP;
WHEREAS retired workers relying on the CPP annual income often fall significantly below the poverty line (approximately 266,000 seniors);
WHEREAS the CPP maximum contributions only provide approximately 25 percent of income up to a maximum of $12,000 a year;
WHEREAS the C.D. Howe Institute determined that a minimum of 60 percent contribution of the average Canadian income is needed to bring a retirement income to $24,000 per year;
WHEREAS it is estimated that only 1 in every 4 Canadians qualify for Registered Retirement Saving Plans (RRSP) and for those who do qualify, it is often difficult to build meaningful retirement funds;
WHEREAS responsibility for the CPP is a shared responsibility between two levels of government;
BE IT RESOLVED the Liberal Party of Canada adopt a policy in support of CPP enhancements and expansion as a means of providing an adequate standard of living for retired workers;
BE IT FURTHER RESOLVED the Liberal Party of Canada use all leverage possible to harmonize its position with all other provinces, which are in support of CPP enhancements that provide a retirement income for seniors who should be able to retire with dignity and not have to worry about falling below the poverty line in their most vulnerable years.
Liberal Party of Canada (Newfoundland and Labrador)