WINNIPEG – Manitoba is one of just two provinces that aren’t buying into an expansion of the Canada Pension Plan.
Quebec is the other as the country’s finance ministers plan to make changes starting in 2019.
It will raise premiums for employees and employers and, eventually, payouts will go up as well.
Manitoba Federation of Labour president Kevin Rebeck says it’s a good investment in the long run.
“What this is doing is matching your investments now for your retirement future so people can retire with a little more dignity and that’s good for everyone. That’s why [almost] every other province has signed on. They know this is good for citizens.”
Manitoba Finance Minister Cameron Friesen is expected to explain why the province did not sign on, but Rebeck hopes the minister will change his mind.
“I think our Manitoba government should get on board quickly. This is something that’s going to serve us well. It’s going to provide supports for people to retire with some dignity, and those seniors spend their money in the local economy.”
Finance ministers say the plan will mostly pay off for younger generations: according to the Canadian Federation of Independent Business, it will take 40 years to feel the benefits.