At last week’s Council of the Federation meeting, Canada’s premiers discussed the retirement income system and the importance of continued efforts to ensure future seniors are able to retire with secure and adequate income.

They agreed on the need to consider options for enhancing the retirement income system, including the Canada/Quebec Pension Plan and pooled registered pension plans.

Premiers noted concern with the increase by the federal government of the age of eligibility for old age security and the Guaranteed Income Supplement to 67 from 65, as this will result in more Canadians requiring social assistance in order to meet a basic standard of living.

They also noted the commitment by the federal government to compensate provinces and territories for any net additional costs and look forward to engaging the federal government on this issue.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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