The Ontario Retirement Pension Plan (ORPP) seemed like a sure thing—until it wasn’t. On June 20, 2016, Bill Morneau, the federal Minister of Finance, and eight of ten provincial finance ministers did what many to this point thought was impossible: reach an agreement in principle to expand the Canada Pension Plan (CPP).
On June 20, 2016, the federal government Finance Minister reached an agreement in principlewith most of the provincial and territorial Finance Ministers to strengthen the Canada Pension Plan (CPP) for future generations of Canadians.
The number of workers over the age of 65 has significantly increased in recent years, and a survey by Towers Watson found that one-third of all respondents and 42 percent of older workers have decided to delay retirement. This aging workforce demographic means that not only are there more older workers remaining in their employment, but also that there are many older workers seeking new employment.