Town Hall on Retirement Security Crisis Promotes Increasing CPP Contributions

SAULT STE-MARIE, ONTARIO--(Marketwired - Nov. 27, 2014) - Community advocates from both the public and private sectors gathered at a town hall meeting on Wednesday evening to discuss how expanding the CPP is the best way to end the pension crisis currently facing people in Sault Ste-Marie and across the country. Panelists Mike Da Prat, USW Local 2251 President, Jeff Arbus, OPSEU Executive board member and Regional Vice-President for Region 6, and Carrie Withers, member of CUPE Locals 4685 and 9113, are united in their support for an expanded CPP.

"Status quo will leave more people in poverty, further straining public assistance. Expanding the CPP is achievable and it is the right thing to do," said Arbus.

"It is a common misconception that workers who have private pensions through their employers will retire with security. Given that most defined benefit pension plans are not fully funded, private pensions are at risk if the company ceases operations or restructures under CCAA. Expanding the CPP is essential to workers being able to retire with dignity," said Da Prat.

Here in Sault Ste-Marie, 96% of those 65 or older had income from CPP in 2012, while only 7.5% had income from an RRSP.

The Canadian Labour Congress, the national voice of the labour movement, represents 3.3 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 111 district labour councils.

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