TORONTO – Ontario is bringing a former prime minister on board to help build its own provincial pension plan.
Paul Martin and Ontario Premier Kathleen Wynne say the province is going it alone because the Canada Pension Plan won’t provide enough income security for most people.
Martin says pension income is an economic issue as well as a social one, and it’s perfectly understandable that Ontario is developing its own pension plan.
Business groups and the federal government,say the economy can’t handle an increase in pension contributions, which they call a job-killing payroll tax.
But Wynne dismisses the ‘fragile economy’ arguments on pension contributions.
Increased payroll deductions for a new Ontario Pension Plan could be offset by reductions in premiums for the Employment Insurance program
Martin was instrumental in the 1997 federal-provincial agreement to reform the CPP.