Chamber concerned about impact of Ontario Pension Plan

You can count the North Bay and District Chamber of Commerce president Jake Lacourse among those business leaders against the Ontario pension plan.

Last week, the province said they can’t wait years for a national consensus on improving the Canada Pension Plan so they’re making their own changes.

The plan will offer almost $13,000 a year for those who don’t have a workplace pension and this money would be in addition to those with a maximum CPP benefit of $13,000 a year.

The ORPP will require mandatory contributions from employers that are equal to 1.9 per cent of an employees salary plus a matching amount from the worker.

Lacourse says companies of all sizes will be impacted from more than 500 workers to medium sized companies to small businesses.

The plan is to have it ready to go for companies with 500 or more workers on New Years Day next year.

The implementation dates for medium sized companies is a year later and then smaller sized companies.

Last week, the government indicated the plan is necessary because there’s a generational divide in retirement incomes.

The premier pointed out that three quarters of workers between the ages of 25-34 don’t have a pension plan.

The provincial Chamber calls the timeline for getting all this implemented very aggressive.