Ontario will go ahead with its plan to create a pension for its residents now that the latest attempt to enhance the Canada Pension Plan (CPP) has failed.
“Given today’s unfortunate stall tactic by the federal government, we will move forward to implement a made-in-Ontario alternative to protect Ontario workers in their retirement,” said Finance Minister Charles Sousa.
He expressed disappointment and said the federal government stood in the way of a CPP enhancement.
Sousa said that action must be taken now so that today’s workers have a more secure retirement in the future.
The provincial government didn’t reveal any details of what the plan would look like, but it’s expected to provide more information in the spring.
“Doing nothing is not a solution to this problem and will not give Ontarians the security they need to retire,” he explained. “We have to act, and that’s what Ontario will do.”
Ontario said in October that it would move ahead with its own solution, should the provinces and the federal government fail to reach an agreement on CPP expansion.