Building a Strong and Secure Retirement System in Ontario

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Government Focused on Next Steps of Made-in-Ontario Plan: Premier Kathleen Wynne held a roundtable on pensions with members of the government’s Technical Advisory Group on Retirement Security today at Queen’s Park.

She was joined by Minister of Finance, Charles Sousa, and Associate Minister of Finance Responsible for the Ontario Retirement Pension Plan, Mitzie Hunter.

The roundtable focused on discussing the best way to move forward with implementing the Ontario Retirement Pension Plan (ORPP) to create a strong and secure retirement system in Ontario. The government is consulting with its Technical Advisory Group to ensure the plan is cost-effective, business-friendly and protects the millions of working Ontarians who do not have a pension plan.

The government will soon take further steps to move forward with putting this plan into action. The ORPP would expand pension coverage initially to more than three million working Ontarians who do not currently have a workplace pension plan.

Building a retirement system that the people of Ontario can rely on is part of the government’s economic plan to invest in people, build modern infrastructure and support a dynamic and innovative business climate.

Quick Facts

  • The Ontario Retirement Pension Plan (ORPP) would be the first of its kind in Canada and would build on key features of the Canada Pension Plan.
  • Fewer than 35 per cent of workers in Ontario have a workplace-based pension plan. Coverage for workers in the private sector is even lower, with only 28 per cent having the benefit of plan membership.
  • It is anticipated that enrollment would occur in stages starting in 2017, beginning with the largest employers. Contribution rates would be phased in over two years.

Source: http://news.ontario.ca/opo/en/2014/06/building-a-strong-and-secure-retirement-system-in-ontario.html

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Author: AllOntario Team

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