TORONTO, Oct. 4, 2013 /CNW/ - Unifor is commending Prince Edward Island
Finance Minister Wes Sheridan for taking the lead among the Canadian
provinces on reform of the Canada Pension Plan (CPP).
In a September 24 speech to the Atlantic Provinces Economic Council
(APEC) AGM, Minister Sheridan proposed increasing the CPP benefit
maximum for Canadians in the $25,000 to $102,000 income range.
Unifor supports doubling the CPP and QPP for Canadians. Unifor Atlantic
Regional Director Lana Payne said that the union is pleased that
Minister Sheridan has identified the CPP as the vehicle for pension
reform. "Minister Sheridan made an important point stating that PEI
will only support Pooled Registered Pension Plans when the 'provinces
and the federal government take concrete steps to strengthen the Canada
"That Ontario Finance Minister Charles Sousa also supports CPP
improvements is a positive indicator that the provinces can work
together on this issue," said Payne. "I hope all the provinces and the
federal government come together to make this happen as an expanded CPP
is the best way to ensure retirement security for working Canadians."
She noted that Federal Finance Minister, Jim Flaherty's proposal which
would see Canadian workers relying on PRPPs is totally inadequate and
simply hands Canadians' hard earned savings to the financial industry
with no assurance of an adequate retirement income.
Unifor National President Jerry Dias raised concerns that so far the
federal government has refused to acknowledge the critical financial
problems facing Canadians today. "The problem is immediate for
Canadians in the age 50 - 65 range, but there is also a need to put a
plan in place for today's young workers."
According to a growing group of labour union organizations and financial
experts, the CPP and QPP are the best pension plans to guarantee all
Canadian workers a secure retirement. The plans are secure and have
the economies of scale to make them cost effective. "As the financial
industry continually fails Canadians with their RRSPs and TFSA and
PRPPs, more and more experts are recognizing the C/QPP as the sensible
and secure approach to providing Canadians with retirement income,"
In February 2013, Gerald McCaughey, CIBC president, publicly recommended
the CPP as the best vehicle for ensuring decent pensions for Canadians.
Unifor, Canada's largest union in the private sector, formed this past
Labour Day weekend with the joining together of the Canadian Auto
Workers union and the Communications, Energy and Paperworkers Union.
Unifor represents 300,000 workers across the country.
SOURCE: Unifor the union
For further information:
Unifor Atlantic Region Director Lana Payne (cell) 709-743-5343 or Communications Shannon Devine (cell) 416-302-1699