Leaders of Canada’s provincial and territorial federations of labour have called on Canada’s premiers, who are in Vancouver wrapping up a three-day annual first ministers conference, to protest the federal government’s decision not to expand the Canada Pension Plan (CPP.)
“Last year at this time, eight out of 10 provincial governments, representing about three-quarters of the Canadian population, had come to an agreement that the most logical and cost-effective way to help Canadians save for their retirement was to expand CPP,” Jim Sinclair, president of the B.C. Federation of Labour (BCFL), said in a press release.
Sinclair said Prime Minister Stephen Harper is using his majority government to “squash long overdue and much-needed changes” supported by “a clear majority” of Canadians.
Sinclair lashed out against the alternative the Harper government is proposing: a Pooled Retirement Pension Plan (PRPP).
“That will do nothing but funnel money into the pockets of big banks and investment companies,” he said.
Sinclair and the other federation presidents are arguing that the CPP has far lower management costs than the PRPP because it provides a guaranteed benefit to retirees and because employee contributions would be matched by employers.
Calls to the BCFL were not returned by press deadline.
Jenny Wagler
Twitter: JennyWagler_BIV