Earlier this week, we met with Mitzie Hunter, Associate Minister of Finance, to present her with a letter that calls on the government to consider how the Ontario Retirement Pension Plan (ORPP) will affect the province’s business competitiveness.
Business is concerned that a new mandatory Ontario pension plan will hurt job creation and the province’s overall competitiveness. Though there are many undetermined details, the ORPP would require workers and employers to each contribute 1.9 percent of earnings, up to $90,000, annually to the pension plan.
Signed by over 50 leaders from Ontario’s Chamber Network, the powerful letter calls on the Government of Ontario to provide employers with answers to six crucial outstanding questions:
- What will be the impact of a fully-implemented ORPP?
- How will the government treat businesses who cannot afford to match mandatory contributions under the ORPP?
- What types of workplace pension plans will be considered “comparable” to the ORPP?
- Will the government consider broadening the diversity of sources of retirement income to mitigate risk?
- How will the government address worker mobility issues?
- How will the ORPP impact the self-employed?