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'I'm pleased Minister Sheridan believes that its time to increase benefits under the CPP.' - Shelley Ward.
Charlottetown (14 Dec. 2010) - The Prince Edward Island Union of Public Sector Employees (PEIUPSE/NUPGE) has congratulated Wes Sheridan, the province's minister of finance, for standing up for the rights of Islanders when it comes to retiring in dignity.
Shelley Ward, PEIUPSE president, said in a statement posted on the union website:
"We are pleased to see the minister of finance supporting labour and all Canadians in the goal of reforming the pension system in Canada. Labour activists from across the country have been lobbying for our provincial and federal representatives to address pension reform because many Canadians are facing poverty in retirement."
Ward says 30% of Canadian households lack any retirement savings other than the Canada Pension Plan (CPP).
Only 38% of workers in Canada belong to workplace pension plans whether they are defined contribution or defined benefit plans.
"The expectation when the CPP was created was that workplace pension plans and private savings would supplement benefit payments to achieve an adequate retirement income for Canadians. Evidence clearly indicates that this is not the case nor likely to be the case in the future," the union says.
PEIUPSE has been calling upon elected representatives to increase CPP benefits as well as those paid under the Guaranteed Income Supplement (GIS) and Old Age Security (OAS), says Ward.
"Minister Sheridan announced his support for labour and the goal of pension reform in the legislature on Dec. 7," she notes. "Many PEIUPSE members were in attendance."
Ward says current CPP benefit levels are too low yet for more than six million Canadians without workplace pensions or Registered Retirement Savings Plans (RRSPs), the CPP is their only real source of retirement income.
"I'm pleased Minister Sheridan believes that its time to increase benefits under the CPP and look forward to hearing positive feedback following the upcoming finance ministers meeting later this month in Alberta."
NUPGE
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE