Ontario Launches Public Consultations on Provincial Retirement Pension Plan - Canadian HR Reporter
Ontario's Liberal government is working on its plans to create a provincial pension plan with mandatory contributions from workers and employers to mirror the CPP. The government will phase in the 1.9% contributions over a two year period starting in 2017. Low pension coverage in workplaces, and a large gap between suggested retirement savings and actual savings are the reasons for the implementation in order to ensure Ontarians are retiring with security they can rely on. Read more here