What they’re saying: Historic CPP Agreements
October 6, 2016
“It’s an exciting time for retirement. The finance minister and provinces were able to come in together to provide a national solution for Canadians.”
Jean-Philippe ProvostMercer Retirement
“Huge step forward. Biggest social enhancement in more than a generation.”
Lana PayneAtlantic Regional Director, Unifor
“After a decade of trying, Canada’s finance ministers reached an historic consensus Monday to expand the Canada Pension Plan. The agreement provides for the first substantive change to our national retirement scheme and recognizes that the time has finally come to do something about retirement security.”
Adam MayersToronto Star
“It’s really historic – I never thought this moment would come.”
Hassan YussufPresident, Canadian Labour Congress
“This is the first national pension reform in a generation and the finance ministers deserve credit for setting aside their political challenges and acting decisively to improve the retirement future for all Canadians. This is a material improvement to the status quo and we should all savour the moment.”
Susan EngNational Pensioners Federation
“What this is doing is matching your investments now for your retirement future so people can retire with a little more dignity and that’s good for everyone. That’s why [almost] every other province has signed on. They know this is good for citizens.”
Kevin RebeckPresident, Manitoba Federation of Labour
“This federal government has shown great leadership and great desire to do something of great benefit for our young people.”
Charles SousaMinister of Finance, Ontario
“An expanded Canada Pension Plan means more zero-stress income for life after you retire. These are financially stressful times, and not a lot of us have spare cash. But the payoff of a bigger CPP retirement benefit is huge in a world where a majority of workers have no company pension plan to rely on.”
Rob CarrickGlobe and Mail
“Reaching national consensus on such a complex issue is a notable accomplishment. We commend the ministers for their commitment to building on Canada’s strong retirement framework.”
Joanne De LaurentiisIFIC president and CEO
“All Canadians should be able to save for their own pensions rather than relying on tax-funded income support and this is a straight forward way to help low income workers to participate.”
Mike KaminskiSaskatchewan Seniors Association
“I know it’s going to start costing people a little bit more and start costing the government a little bit more. But we have to think about over the long term. It is extremely important that we continue to take care of people in retirement — that they have an adequate amount to be able to live comfortably.”
Royce MendesEconomist, CIBC
“I appreciate that the Prime Minister, Premiers, and Canada’s Finance Ministers have heard the concerns of Canadian workers worried about their retirements, and have finally taken action to help the over 11 million Canadians without a workplace pension.”
Mark HancockPresident of Canadian Union of Public Employees (CUPE)
“We think a national comprehensive approach is the way to go…We are pleased that both the federal and provincial governments have agreed to an enhancement of the CPP that will be easy to administer and will improve retirement income security for Canadians.”
Janet EckerCEO, Toronto Financial Services Alliance
“Our members and seniors across the country welcome this historic agreement to increase the CPP. This is for our children and grandchildren and will help them save for their future. With the precipitous deadline in workplace pensions, this could not have come at a better time.”
Herb JohnPresident, National Pensioners Foundation