Canadian Labour Congress

Canadian Labour Congress

March 27, 2010 15:00 ET

Labour Summit Calls for Pension Reform

Most Canadians not able to save enough for retirement

TORONTO, ONTARIO--(Marketwire - March 27, 2010) - Labour organizations have emerged from a pension summit calling for reforms that would guarantee retirement security for all Canadians.

"We all agree that Canadians face a pension and retirement crisis that must be solved, and soon," said Ken Georgetti, president of the Canadian Labour Congress, which co-sponsored the event with the Ontario Federation of Labour.

"This is the defining issues of the decade," said Sid Ryan, president of the OFL. "When the finance ministers meet in May they had better reflect on the importance of this summit and the public's awareness of what is, and isn't being done to secure their financial futures. The success of this sold-out summit speaks for itself."

"The obvious solution to retirement security is simple," Georgetti said. "Double the Canada Pension Plan benefits so that all workers, union and non-union, can retire with security." Labour's plan also calls for an increase in the Guaranteed Income Supplement for low income seniors, and a federal pension insurance plan to protect workers' pension benefits.

Ryan added, "An enhanced CPP should form the cornerstone of pension reform and retirement security. We've been saying this for years. It's time to act. This summit is the catalyst to ensure all stakeholders are part of a public process".

The summit heard from a number of workers who spoke of their recent experiences regarding pensions, and from a variety of pension experts. The CLC and its affiliated unions have launched a national campaign to promote pension reform.

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