Proposals on the table at finance ministers' meeting not supported by
TORONTO, Dec. 11, 2013 /CNW/ - As federal and provincial finance
ministers prepare to discuss proposals for increasing mandatory CPP and
QPP premiums this weekend, new public opinion data reveal that a vast
majority of working Canadians prefer other options to help boost
retirement savings. Results of a new public opinion poll conducted for
CFIB by Angus Reid Global show that only 18 per cent of working
Canadians see CPP/QPP increases as one of the best ways for government
to help Canadians save for retirement, well behind other choices like
tax cuts (54 per cent), incentives (47 per cent) and improved voluntary
options to save (35 per cent).
"Finance ministers should be asking IF mandatory CPP/QPP hikes are a
good idea, not just WHEN is the right time to introduce them," said
CFIB president Dan Kelly. "Although governments have been talking about
this for years, no one has ever stopped to ask Canadians if they
support the idea."
Governments in Ontario, PEI, Newfoundland and Labrador and Manitoba have
come out in favour of increasing CPP/QPP, while Saskatchewan and other
western provinces have expressed reservations about mandatory
increases. Yet in the public poll, support for mandatory increases was
low in every region of the country.
"Canadians and their employers are not saving more for retirement
because they simply can't afford to," said Laura Jones, CFIB executive
vice-president. "In the public poll, and a similar survey of CFIB
members, 65 per cent of Canadians, and 61 per cent of small business
owners, said so."
The public poll shows that if working Canadians are forced to pay more
for CPP/QPP, 45 per cent would have a reduced ability to spend on
essentials like food, rent and mortgage payments and 42 per cent would
have a reduced ability to take advantage of other forms of savings. A
survey of CFIB member businesses was also conducted, with similar
questions. In that survey, close to three-quarters of business owners
said they would be under pressure to freeze or cut salaries if faced
with a CPP/QPP hike.
The findings were shared with finance ministers in advance of their
See the full results at www.cfib.ca/cpp-qpp.
CFIB is Canada's largest association of small and medium-sized
businesses with 109,000 members across every sector and region.
SOURCE: Canadian Federation of Independent Business
For further information:
To arrange an interview with Dan Kelly or Laura Jones, please contact Al Maggi at 416-455-7824 or firstname.lastname@example.org.