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The millenials are a huge generation though, almost the same size in terms of numbers as boomers. By the time they're in their earning years there'll be more than enough of them to contribute their share the same way every other generation has. I generally don't buy into the 'future generations' argument. It only works as a theory if people stop breeding altogether and the care of everyone falls on the last generation to exist. It's really just election fantasy scenario playing that every party indulges in. Everyone benefits and everyone contributes. That particular system isn't in danger of ending anytime soon.

   

In Canada, EVERY employed person pays into CPP, except Quebec which has their own QPP. Quebecers do not pay into CPP and do not receive CPP. IIRC, in Ontario much of the public sector will be exempt from making OPP contributions, like the junior level swivel servants for example. Everyone else in the low and middle income classes will be contributing to both CPP and OPP even if they already have an existing workplace pension.

   

Like it or not ORPP is provincial program under the jurisdiction of the elected government of Ontario. It was part of Wynne's election campaign, which she won with an overwheliming majority.

The Harper government is not the government of Ontario as much as they would like to pretend otherwise. It's none of Harpers damn business really and the federal governments attempts to obstruct, undermine and sabotage the ORPP program are way offside and undemocratic.

Just more cheap, dirty, petty and mean spirited tactics from the Conservatives.

   

No if you have a workplace pension you are exempt.

   

A CPP increase will have the most effect on the millennials, since they would be paying it all their working lives. If, as you say, they are a boom generation, then the generations to follow would have to support the millennials if CPP isn't sufficient to do the job.

   

I don't dispute though that parts of the system need to be re-jigged. One of the larger concerns now is that because they're living so long after retirement that people who managed to have savings put aside are running out of their own money considerably sooner before death and have to fall back solely on CPP/OAP. God knows how to fix that one because medical science isn't going to stop extending lifespans and at the same time the cost of living, even for seniors, is never going to go down either.

   

We need to reassess our whole system. In Vancouver we are on severe water restrictions, yet nobody is talking about how to supply water to the 1 million more people expected to arrive here in the next 25 years. Our transportation initiative has gone down in flames, yet we already have gridlock - how will we move all those people? And then there's housing. We are hemmed in by sea and mountains, the only place for all those people to go, unless they all want to live in high rises, is into the valley eating up more and more farmland. And of course further and further extending the commute. Crazy.

Our immigration strategy is based on the idea that we need young people to be the workers as the boomers and gen xers age. Yet we import many older folks, instead of limiting immigration to people in their twenties. And those people will also age at one point - who will support them, where will we get the immigrants to boost our population then? Plus is has been pointed out, that to reverse the demographic aging of Canada, we would have to import 1 million young workers a year, ie quadruple our current immigration. Crazy.

   

Ok that makes the most sense so far and has a logic to it.

BUT!!!!

I don't see it as a tax even though it might be called one.
It's a pension plan.

   

I agree. It's forced savings with a bomber investment plan that are returned to you later in life. Not sure what the average pay in pay out for a person is.

   

all government pension plans are forced on people.

The people that don't need them don't feel the pinch on their pay check, and the people that do feel the pinch on their paycheck actually in most cases need them.

   

To be clear I'm in favor of increasing CPP deductions and payouts. I think it will prevent a lot of trouble down the road. Too bad Ontario had to go it alone, this should be a national program.

   

I like the idea of a provincial one as well.

It puts more money into the working poor's hands at the end of his run.

It also pressures Federal Politicians to actually do more as well.

So during one mandate the feds do nothing and have to promise it during the election. if they still don;t do more it hurts them in the next election..

Maybe in about 16 future election campaigns we might see a pension from both provincial and federal that a senior can live on.

   

CPP retirement benefit is 25% of the average earnings of your last five years pre-retirement, up to the annual published maximum.

The 2015 average monthly CPP benefit is $618.59 per month for life.

But a person who earned the maximum pensionable earnings in all of their final 5years before retirement and retired in 2015 at age 65 receives a monthly lifetime pension of $1,065.00. The 2015 maximum pensionable earning is $53,600 which is the Average Industrial Wage.

The employee contribution is 4.95% of earnings up to 2015 maximum of $2,479.95 per year Your employer must make an identical contribution and if you are self employed you pay both the employer and employee contributions.

So if you earn at or below the average wage and you give up 5% of your pay in exchange for a payback of 25% of your pay when you retire. OAS is a different formula but is meant to provide another 15%.

ORPP would aim to provide Ontarians another 15% for a total income replacement of 55%. And then some, because the maximum pensionable income is proposed to be 90,000. The contribution would be 1.95% each for employee and employer.

   

What I meant was take an average worker. How much does s/he pay into the plan over their working life, vs how much do they get out if they live to the average age? Ie do you get more out than you put in or vice versa?

   

Pension plans are a tax on people who die early. No one should be forced to participate in such a scheme.

   

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