|Retirement Security for Everyone!|
|Wednesday, 03 March 2010 11:15|
People in Canada and elsewhere are suffering through the most serious economic downturn since the 1930s. This crisis occurred because greedy business leaders and bankers made reckless investment decisions and governments allowed them to do it. Hundreds of thousands of Canadians have lost good, family-supporting jobs as a result. Many have also seen their hard-earned pensions wiped out or put at risk due to plant closures and bankruptcies.
Something needs to change, and soon.
The Canadian Auto Workers, along with the Canadian Labour Congress and other labour unions across the country, have a plan to rebuild and reform Canada's pension system that has three key proposals:
Double benefits for the Canada Pension Plan (CPP) over a seven-year period.
This would increase CPP earnings to a maximum of $1,635 per month. This is all about improving pension security and leaving a better pension system for our children.
. Increase the Guaranteed Income Supplement (GIS) to Old Age Security pensions
No senior in Canada should live in poverty. A $682 million boost in GIS spending would help ensure no senior does. Increasing the income of Canada's seniors will also help provide much-needed consumer spending at a time when our economy is struggling.
. Introduce a federal system of pension insurance.
This would protect pensions to a maximum of $2,500 a month when an employer enters bankruptcy proceedings and cannot pay out pension benefits. The insurance system would also adopt pension plans when an employer declares bankruptcy and shuts down permanently. It would require Ottawa's new securities regulator to levy a small tax on stock market trades to make speculators pay for large pension insurance claims. With this protection in place, workers wouldn't fear losing their entire pensions due to employer mismanagement or bankruptcy.
It's time to raise the floor in our pension system!
Follow the links below for more information. Bookmark this page and check back often for information on how you can take action to support this national campaign!
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|Last Updated on Friday, 26 March 2010 13:16|