Bill 56, An Act to require the establishment of the Ontario Retirement Pension Plan (ORPP), has moved one step closer to becoming law.

On Monday, the Standing Committee on Social Policy met at Queen’s Park where amendments to the bill were voted on.

Read: What you need to know about the ORPP

Sixty amendments were proposed by the Progressive Conservatives (PCs) and New Democrats, and just one was supported by the Liberal government. Two amendments were withdrawn and another two were deemed out of order.

The PCs presented many amendments, such as proposing to reduce the maximum combined contribution rate to between 0.2% and 3.4% from 3.8% and excluding individuals with an RRSP from having to participate in the ORPP. Those motions easily failed.

However, the PC motion supported by the government called for the minister of finance to prepare a cost-benefit analysis of the proposed ORPP and “shall table the report in the Legislative Assembly before Dec. 31, 2015.”

After more than three hours of discussion, the committee voted in favour of the bill and to report it to the House, where it will be ordered for third reading.

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Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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