About proposed CPP changes

By Bill Bennett

Kootenay East MLA

1. Recently, finance ministers from across the country reached an agreement in principle to recommend modest changes to the Canada Pension Plan. The proposed approach balances improving the retirement income security of Canadians in the future with the need to recognize the additional cost to workers and employers.

2. Starting in 2019, CPP contributions for a typical B.C. worker earning approximately $55,000 would initially increase by an additional $7 per month, rising to an additional $34 per month in 2025.

3. Provincial governments will now review the proposed enhancement and discuss the changes with interested business and labour organizations. B.C. did not accept the Ontario proposal that was much more expensive than the current proposal

This message funded by Bill Bennett

Article Share