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Sunday, November 15, 2009 

Layton's Plan For Pension Reform Is Catching On With The Public

Many Canadians are starting to sit up and listen to what the New Democrats are saying about pension reform in this country.

"... Layton is hoping to muster wide support for the proposal, which includes a $700 million injection into the Old Age Security/Guaranteed Income Supplement system to help the country's poorest seniors. [...] The NDP also wants a doubling of the maximum payout from the Canada Pension Plan to $1,800 a month, with Layton saying CPP hasn't kept up with the costs people face.

"That would require people to contribute a bit more throughout their working life. But it would become their savings program that they can have confidence in at the end of the day when they retire, that they're not going to have to live in destitution or poverty...they may have additional pension beyond that but at least that public pension will be solid," Layton contended.

Layton is calling as well for a national program of pension insurance, to protect people enrolled in company pension plans.

"Even if the company got into difficulty there would be an insurance program to guarantee a certain minimum monthly payment from your pension plan, your company pension plan. We're suggesting $2,500."

Layton, who was joined at the event by New Democratic Palliser federal candidate Noah Evanchuk, also highlighted legislation proposed by the NDP to protect pensions by giving them priority status amongst other creditors when companies fold."

Regina Leader-Post

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