Erin has always fought to preserve the dignity of seniors and wants to ensure retirement security for all. He has spoken up for expanding the Canada Pension Plan, restoring Old Age Security and working to establish a national pension benefits guarantee fund.
Expanding The Canada Pension Plan
Because the Canada Pension Plan (CPP) covers almost all Canadian workers, it has very low administration costs and very little investment risk. Tax-deductible contributions are split between employers and employees. Benefits are indexed to inflation, fully portable between jobs, and guaranteed by the federal government.
However, CPP benefits are set at only one-quarter of average earnings. The CPP’s former Chief Actuary, other pension experts, the Canadian Labour Congress, and some provincial governments have proposed to significantly increase CPP benefits by phasing in modestly higher contributions over several years.
Restoring Old Age Security
Old Age Security (OAS) ensures a basic retirement income. in 2012, it provided $6,500 to all seniors who had lived in Canada for at least 40 years and whose income did not exceed $70,000. The guaranteed income Supplement (GIS) provides additional support to low-income seniors.
The federal Conservatives will raise the age of eligibility for both programs to 67 from 65 between 2023 and 2029. NDP leader Tom Mulcair has clearly committed to reverse this regressive change, and Erin has defended this proposal in the media.