Canadian Labour Congress

Canadian Labour Congress

December 20, 2010 18:38 ET

Georgetti Urges Quick Action on Enhancing CPP

Says Canadians losing opportunities to save for retirement

OTTAWA, ONTARIO--(Marketwire - Dec. 20, 2010) - Finance Ministers should move as quickly as possible to provide enhancements to the Canada and Quebec Pension Plans, says Ken Georgetti, president of the Canadian Labour Congress.

"We have a looming pensions crisis and we can't wait for years to fix this problem,"  Georgetti says. "An improved CPP is easily the best way to guarantee retirement security for Canadians."

Georgetti was commenting on the Finance Ministers' meeting in Kananaskis, Alberta on December 19-20. At least six of the provinces prefer an enhanced CPP, a proposal that federal Finance Minister Jim Flaherty supported until very recently. But he now wants provinces and territories to support a privately administered option called Pooled Registered Pension Plans (PRPPs). The ministers have agreed to do more work on both proposals and to meet again in June.

"Mr. Flaherty's idea is, at best, a poor alternative to CPP expansion," Georgetti says. "Our polling has clearly shown that Canadians see an improved CPP as the best way to go in providing retirement security. The provincial ministers obviously know that and most of them side with the public."

Georgetti is urging the ministers to work quickly on enhancing the CPP. "If we put it off, Canadians will lose an opportunity to use the CPP to best advantage in saving for retirement."

The Canadian Labour Congress, the national voice of the labour movement, represents 3.2 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 130 district labour councils. Web site: www.canadianlabour.ca

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