Canada’s Finance Ministers agree.

The best way to help today’s workers save enough for retirement is by increasing what everybody gets from the Canada Pension Plan (and the Quebec Pension Plan). The Canadian Labour Congress is proposing a gradual doubling of future CPP benefits. A modest increase in contributions today will produce thousands of dollars a year in extra benefits for workers when they retire.

But our plan has come under attack from special interest groups who are scare mongering and spreading lies about our proposal. Some have even said that the CPP won’t be there for today’s young workers when it comes time for them to retire.

This is not true. The reality is that experts have found the CPP to be actuarially sound for the next 75 years. This means it is guaranteed to deliver as promised.

Young workers have nothing to worry about, nor do their kids. What is worrying is that one-third of Canadian workers aged 24-64 have no personal retirement savings at all. The best way to help them save enough for retirement is by increasing what everybody gets from the CPP.

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