Pension Security Town Hall
Waterloo - The Waterloo Regional Labour Council in partnership with the Canadian Labour Congress and the Guelph and District Labour Council would like to invite you to an information session on Pension Security and the CLC plan to protect pensions by increasing CPP benefits.
DATE: March 3, 2011
TIME: 6:30 -- 9:00 pm
LOCATION: CAW Hall, 600 Wabanaki Drive Kitchener, ON N2C 2K4
Canada has a retirement income crisis. Over 60% of working Canadians (11 million) have no workplace pension plan. Almost 70% of Canadians do not have RRSPs. Also the average monthly income for those with RRSP savings is just $250 per month. More than a third of all seniors with GIS (1.6 million) have annual incomes under $16,000 a year. Workers close to retirement age who have been let down by the current system or have an inadequate workplace pension plan won't have enough saved for their retirement. So we need to push for an increase in the Canada Pension Plan benefits for everyone, as well as an increase in low income supplements to ensure that seniors can live with dignity not in poverty.
The Federal Finance Minister claims that now is not the time to expand CPP. Instead he has announced the establisment of a Pooled Registered Pension Plan. These funds are not matched by employers and are basically just a supplementary voluntary high risk savings vehicle. To make matters worse, they will be managed by the banks and private financial firms which charge the highest management fees in the world
"People don't need another RRSP plan they can't afford and that could collapse with the fates of the global market," states Patti Dalton, President of the London and District Labour Council. "People deserve a secure future that only an increased CPP and raising the GIS can provide. The Harper Government is out of touch with the day to day realities and hardships Canadians are facing. Their plan is the equivalent of saying 'let them eat cake' for many Canadians who are just struggling to make ends meet."
Most of Canada's provincial finance ministers agree with and are calling for an expansion of the Canada Pension Plan. They know the CPP is financially sound, a well managed fund with low management fees, is fully indexed and transferable between provinces and jobs.
In June 2011, the provincial and federal finance ministers will meet again to discuss the expansion of the CPP. The labour movement is working collectively to mobilize Canadians to convince the federal government that the doubling of the CPP makes the most sense. There will be several local action assemblies across Canada in the next month, and labour movement momentum is building for ongoing actions on a range of critical issues.