In the microcosm of our daily lives, many Canadians make politically-conscious choices about what to buy. Whether it’s drinking fair trade tea or coffee, using eco-friendly cleaning products, eating locally-produced food, avoiding clothes made in sweatshops, or refusing to buy war-toys for their kids, many Canadians are voting with their pocketbooks.
Seniors issues and pensions
The grand debate between defined benefit (DB) and defined contribution (DC) models has dominated the pension discourse in labour relations for most of the last two decades.
On April 27, 2012 in Halifax, the Community Coalition to End Poverty - Nova Scotia and the Canadian Centre for Policy Alternatives - Nova Scotia Office partnered to present a lecture on Canada's public pension system.
The lecture featured economic consultant and specialist in public pension policy, Monica Townson, who explains how the Canadian pension system works, why it's considered to be in crisis, and the implications of recent changes to the system proposed by the government. Listen to the full lecture below.
Old Age Security is the basic building block of Canada’s retirement income system. It is a flat-rate monthly benefit that goes to everyone at age 65, provided they meet certain residency requirements. Canadians build on that foundation, saving for their retirement with benefits from the Canada or Quebec Pension Plan, a workplace pension if they’re lucky enough to have one, along with private savings.
It is argued by some that eligibility for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) at age 65 discourages older Canadians from remaining in the workforce, and that we need to keep them working longer to avoid present and future labour shortages and a sharp rise in the so-called “dependency” ratio (the ratio of retirees to the working-age population). Accordingly, the federal government proposes to phase-in an increase in the age of eligibility from age 65 to age 67, affecting Canadians who are now 54 and younger.
Old Age Security (OAS) is the basic building block of Canada’s retirement income system. Canadians build on that foundation, saving for their retirement with benefits from the Canada or Quebec Pension Plan, a workplace pension if they’re lucky enough to have one, and private savings.
Hennessy's Index is a monthly listing of numbers, written by the CCPA's Trish Hennessy, about Canada and its place in the world. Scroll down for a PDF version. For other months, visit: http://policyalternatives.ca/index
This study provides an analysis of the government's proposed Pooled Registered Pension Plan (PRPP) program, and asserts that it will do nothing to solve Canada’s pension crisis. The author argues that rather than proposing yet another voluntary savings scheme, the government should instead focus on expanding the CPP in order to provide all Canadians with a basic guarantee of adequate income that will protect their standard of living in retirement.
OTTAWA—The newly proposed Pooled Registered Pension Plan (PRPP) program will do nothing to solve Canada’s pension crisis, says a study released today by the Canadian Centre for Policy Alternatives (CCPA).
The study, by pension expert and CCPA research associate Monica Townson, provides an analysis of the PRPP program and argues that expanding the Canada Pension Plan (CPP) would provide better retirement pensions to virtually all Canadians.