Quebec’s special consultation into the D’Amours report on pension reform has revealed fading support for a number of its key proposals.
The expert committee’s report into the future of Quebec’s retirement system was published in April to a generally positive response.
But submissions to the Committee on Public Finance have highlighted several groups’ concerns regarding the proposals that include a longevity pension for those over 75.
There are fears that Quebec businesses would suffer a competitive disadvantage compared to the rest of Canada if the province goes it alone in introducing a new plan on top of the existing Quebec Pension Plan.
On the matter of redressing DB plans in the province, some submissions have mentioned the need for immediate action on modifying the legal framework in order to facilitate plan changes.
Unions, however, have expressed concerns that the report’s recommendations unduly favour the employer, particularly in the public sector, by forcing workers to make major concessions.
Other groups have noted the need for intergenerational equity and that failure to introduce the necessary changes would leave younger workers to pick up the tab for underfunded pension plans.
The consultations into the D’Amours report began on August 10 and are due to finish on August 23.
Simeon Goldstein is the editor of Avantages, Benefits Canada’s sister publication. He can be reached at simeon.goldstein@rci.rogers.com.
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