Ontario should continue to lobby the Federal Government to increase the Canada Pension Plan
TORONTO, Feb. 13, 2015 /CNW/ - HR professionals reject the proposed Ontario Pension Plan: That's the clear message coming out of a recent member survey conducted by the Human Resources Professionals Association (HRPA).
In a recent Ontario Retirement Pension Plan Survey, 55 per cent of HRPA members surveyed are against the proposed Ontario Retirement Pension Plan (ORPP), while 58 per cent think that the Ontario Government should continue negotiating with the Federal Government to raise the Canada Pension Plan (CPP) and close the retirement gap.
"There does not seem to be a savings gap," said Bill Greenhalgh, CEO of HRPA. "It is clear that a majority of our members' organizations already have adequate benefit plans."
Respondents to the survey questioned the need for an ORPP when current workplace benefit plans already exist. In fact, 75 per cent of HRPA members' organizations currently offer a savings plan to their employees – more than half of which offer a defined contribution pension plan.
Affordability is another issue. Of those polled, almost half cannot afford to pay up to $1,643 per employee, per year; while 41 per cent said that it would force them to either cancel or invest less in their current workplace plan.
"The employee benefit plans that companies currently offer will be affected", says Greenhalgh. "Of those surveyed, 44 per cent have 500 employees or more, making it challenging for these companies to maintain their existing plans while also incurring the cost of yet another mandatory savings plan," he said.
HRPA will be presenting its findings to the Government of Ontario.
For full survey details, please visit: http://www.hrpa.ca/Documents/360/2015HRPAORPPMemberSurvey.pdf
The Human Resources Professionals Association (HRPA) is the professional regulatory body and the professional association for Human Resources professionals in Ontario. It oversees more than 20,000 members in 28 chapters across the province. It connects members with an unmatched range of HR information resources, events, professional development and networking opportunities and annually hosts Canada's largest HR conference. In Ontario, HRPA issues designations that certify knowledge and competence at three levels of HR practice: entry (CHRP), professional (CHRL) and executive (CHRE).
SOURCE Human Resources Professionals Association of Ontario
For further information: Duff McCutcheon, Communications Specialist, HRPA, email@example.com, 416 923 2324 x324