[Newsbot]

Title: Finance ministers reach CPP agreement
Category: Political
Posted By: andyt
Date: 2016-06-20 17:04:26
Canadian

[andyt]

OMG, $7 each for employees and businesses. People will go broke. Businesses will go broke.

This is a good way to get Canadians to save a bit more for the future.

[OnTheIce]

andyt andyt:

OMG, $7 each for employees and businesses. People will go broke. Businesses will go broke.

This is a good way to get Canadians to save a bit more for the future.

It'll be a far better scenario for Ontario.

[andyt]

Absolutely better than Ontario going it alone. One plan across the country that's portable and has economies of scale. Now we should do the same for medicare.

[BeaverFever]

Damn looks like I owe OTI a beer.

Fuck.

Ah well everyone has to take one in the shorts every once in a while.

Anyway I don't see how this CPP enhancement is comparable to ORPP. CPP contributions aren't tax deductible like ORPP and under ORPP if you die before you retire your beneficiary gets your pension, with CPP they're SOL except for a shitty $2500 death benefit.

I guess they feel it's close enough

Edited as new details of CPP enhancement were published

[martin14]

I guess they found a way to steal even more money from CPP in the future as well.

[BeaverFever]

martin14 martin14:

I guess they found a way to steal even more money from CPP in the future as well.

I'm interested to know who you think steals from CPP and how?

[OnTheIce]

BeaverFever BeaverFever:

Damn looks like I owe OTI a beer.

Fuck.

Ah well everyone has to take one in the shorts every once in a while.

Anyway I don't see how this CPP enhancement is comparable to ORPP. CPP contributions aren't tax deductible like ORPP and under ORPP if you die before you retire your beneficiary gets your pension, with CPP they're SOL except for a shitty $2500 death benefit.

I guess they feel it's close enough

Edited as new details of CPP enhancement were published

The question remains, what's it going to cost Ontario to shut down the ORPP?

[BeaverFever]

I'm assuming that most of the costs are already incurred - hiring and promotion and program development. I can't imagine there'd be much more left to spend, except a few severance packages and maybe some consultant termination fees.

[OnTheIce]

BeaverFever BeaverFever:

I'm assuming that most of the costs are already incurred - hiring and promotion and program development. I can't imagine there'd be much more left to spend, except a few severance packages and maybe some consultant termination fees.

Nothing with this government ends well or cheap.

Costs will run into the millions in severance packages alone.

[BartSimpson]

Chile does it better.

https://en.wikipedia.org/wiki/Pensions_in_Chile

[martin14]

BartSimpson BartSimpson:

Chile does it better.

https://en.wikipedia.org/wiki/Pensions_in_Chile

Several East Euro countries have implemented a private pension scheme,
because the government system is already way broke as a result of Communist
levels of contributions ( as in very very little )

Results are mixed at best.

[BeaverFever]

BartSimpson BartSimpson:

Chile does it better.

https://en.wikipedia.org/wiki/Pensions_in_Chile

I'm not so sure.
http://www.nytimes.com/2005/01/27/busin ... .html?_r=0

It does seem very lucrative for the financial sector, however, where most of the positive press probably comes from.

[Winnipegger]

andyt andyt:

OMG, $7 each for employees and businesses. People will go broke. Businesses will go broke.

CBC CBC:

That would increase to $34 a month by 2023.

[Lemmy]

Great. More money the government's promising to give back to me for my retirement...unless I'm among the 18% of the population who are busy being dead by the time they're eligible to receive it.