Pension reform tops agenda for P.E.I. meeting of Canada’s finance ministers

The Canadian Press ~ The News
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LAKESIDE, P.E.I. — Pension reform tops the agenda as Canada’s finance ministers meet at a beach resort in Prince Edward Island.

Federal minister Jim Flaherty says he hopes to get his counterparts to agree today on a direction for pension reform in the future.

Flaherty has proposed modest increases in Canada Pension Plan payroll premiums that would be phased in over time.

But Canadian Labour Congress president Ken Georgetti has travelled to the P.E.I meeting to try to persuade the ministers to increase premiums enough to double benefits.

Flaherty says such an increase would hurt the economy and be a burden to businesses and the self-employed.

Flaherty also wants to make it easier for financial institutions to offer pension plans to cover self-employed Canadians and those without corporate plans.

Organizations: Canadian Labour Congress

Geographic location: Canada, Prince Edward Island

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