Current ORPP parameters do not recognize employers already contributing to their employees’ retirement
The government of Ontario is currently in its final stages of designing the Ontario Retirement Pension Plan.
Today, the Ontario Chamber of Commerce released a letter to Premier Kathleen Wynne urging the government to expand its definition of pension plan comparability to include capital accumulation plans, including (but not limited to) Defined Contribution plans. This move would ensure that companies in the province that have an existing pension plan for their employees would not be forced to incur this new cost of doing business.
The letter is signed by a coalition of over 150 businesses, sector associations, chambers of commerce, and boards of trade. The coalition includes employers of all sizes and from a diverse range of sectors.