CLC Pleased That Liberals Support Improved CPP

OTTAWA, ONTARIO--(Marketwire - Feb. 16, 2011) - CLC president Ken Georgetti says he is pleased that federal Liberals have come out in support of an enhanced Canada Pension Plan for all working Canadians.

Georgetti was responding to comments made by Liberal leader Michael Ignatieff and the Liberal party that they want to strengthen the base Canada Pension Plan by increasing benefits gradually over time.

"Mr. Ignatieff is obviously hearing the same thing from Canadians that we have," Georgetti says. "People are afraid they won't be able to save enough money for retirement and they know that an enhanced CPP is the best way to guarantee their retirement security."

The CLC along with seniors' and citizens' groups, has been calling for a gradual doubling of Canada and Quebec Pension Plan benefits. A modest increase in contributions, phased in over a number of years will produce thousands of dollars a year in extra benefits for workers when they retire.

"Most finance ministers support improving the CPP and our polling shows that most Canadians support it as well," says Georgetti. "The banks and insurance companies want the government to go with private sector plans that allows them to invest our pension money and charge fat fees for doing so. But most Canadians want improvements to the CPP." 

The Canadian Labour Congress, the national voice of the labour movement, represents 3.2 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 130 district labour councils. Web site: www.canadianlabour.ca