Liberal perspective on retirement.
Don’t have a workplace pension plan? That’s about to change!
A bill has been passed that will put in play a workplace pension plan for businesses that do not already have one starting January 01, 2017. The Liberal government has pushed this legislation in order to put in place an Ontario Retirement Pension Plan (ORPP) in an effort to counteract the Conservative party’s decision to not improve the Canada Pension Plan.
Currently, approximately two thirds of provincial workers do not have a pension plan; thus these individuals will be forced to join the Ontario Retirement Pension Plan. Many individuals without a workplace pension plan are saving up for their retirement via RRSP’s while others have no savings at all. Baby boomers have expressed their concerns about very late retirement and in some cases lacking the option to retire all together due to their lack of savings.
According to the ORPP…
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