Ontario considers creating its own public pension plan

The province could go it alone if Ottawa decides against enhancing the CPP.

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piggybanks_322Ontario is considering creating its own public pension plan if the federal government fails to enhance Canada Pension Plan payouts in future, suggest separate reports in the Globe and Mail and Toronto Star Wednesday. The plan would be funded by employers and employees but managed by the provincial government.

The provinces and Ottawa are set to meet in the coming weeks to discuss strategies to address the pension conundrum in Canada. Only one-third of the Canadian work force is currently covered by a registered pension plan and younger workers risk serious savings shortfalls as private pension plans become more rare in modern workplaces and life expectancies rise.

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