The Canada Pension Plan will be enhanced in 2016, says federal Finance Minister Bill Morneau.

“Our goal is to work together with all provinces and territories to get to a Canada Pension Plan enhancement, and our aim is to do that in a collaborative way this calendar year,” he told the House of Commons on Feb. 16.

Read: CPP more costly than other public sector pensions: report

“We are working diligently with provinces and territories across this country in order to improve the Canada Pension Plan, to enhance it so that Canadians can retire in dignity,” he added.

The finance minister’s announcement came on the same day the Ontario government announced it’s delaying its Ontario Registered Pension Plan by one year to give employers more time to prepare for the reforms.

Morneau said the government has also been working with Ontario to co-ordinate pension enhancements as that province gears up to start its own plan.

Read: ORPP delay a ‘wise’ move

A study released by Broadbent Institute says half of all Canadians aged 55 to 64 without a private pension have only enough savings to survive for about a year.

During the 2015 federal election in which the Liberals came to power, the party promised to work with the provinces to expand CCP, and to create a lifelong pension for injured veterans.

This article was originally published on Benefits Canada’s companion site, Advisor.ca

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

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