Ontario has passed the Ontario Retirement Pension Plan Act, 2016 today, despite the impending meeting of Canada’s finance ministers on June 19-20 to discuss enhancements to the Canada Pension Plan.
The government said in a news release it’s open to exploring a range of potential CPP enhancements for a national solution to strengthening retirement security, as long as it provides substantial earnings replacement benefits in retirement.
“Our main objective is to intensively look at ways to meet the goals of the ORPP through an enhanced CPP framework, while preserving our ability to implement the ORPP, should that not be possible,” said Charles Sousa, minister of finance, in a news release.
Read: Discussions on other provinces joining ORPP ‘not happening yet’: Hunter
The legislation, which was introduced in April, aims to fulfil the government’s commitment that every eligible employee is part of the ORPP or a comparable workplace pension plan by 2020.
The government said it expects to release regulations this summer.
Read more about the ORPP:
National employers face equity questions in deciding on ORPP