Urgent need to fix retirement income crisis: Unifor

VANCOUVER, June 20, 2016 /CNW/ - Unifor encourages Canada's Finance Ministers to address the retirement income crisis with a significant expansion of the Canada Pension Plan (CPP).

"This is a pivotal point for Canada's Finance Ministers, what they decide to do in Vancouver will impact generations of working Canadians to come," said Unifor National President Jerry Dias. "The CPP has been extremely successful at providing stable, portable and universal retirement income for Canadians. However, the benefit rate has not kept pace with the fiscal reality and this is the opportunity to fix that."

Unifor supports the Canadian Labour Congress proposal calling for the federal government to phase in a universal expansion of the Canada Pension Plan that includes every working Canadian, including those who are self-employed. We are asking the government to double Canada Pension Plan (CPP) benefits to replace 50% of a Canadian's pre-retirement earnings.

"There is an urgent need for action," said Unifor Ontario Regional Director Katha Fortier. "We commend the Ontario government on the creation of the Ontario Retirement Pension Plan, but all Canadians deserve the right to retire with dignity so an enhanced CPP is absolutely necessary."

More than 60 per cent of Canadians working today have no workplace pension plan. Canadians are struggling to save for retirement and many will face a significant decline in their standard of living in retirement. 

"The situation is particularly grim for younger workers," said Gavin McGarrigle, Unifor's BC Area Director. "With the growth in precarious work we need our governments to act now to protect the future for our children and grand-children."  

Unifor is Canada's largest union in the private sector, representing more than 310,000 members.


For further information: please contact Unifor Communications National Representative Kathleen O'Keefe at Kathleen.OKeefe@unifor.org or 416-896-3303 (cell)

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