FORT ST. JOHN, B.C. – BC has ended a holdout status against the CPP Expansion Plan.
BC officially signed onto the agreement after an agreement was reached at a First Ministers’ meeting in July.
“Improving CPP benefits and retirement security for millions of Canadians is the most important expansion of a social program in Canada for decades,” says Irene Lanzinger, president of the BC Federation of Labour.
“So it’s good news that the federal government can now proceed with the concrete legislation needed to get the ball rolling for implementation starting in 2019.”
The deal, that was reached through Prime Minister Justin Trudeau and provincial premiers, will see CPP premiums paid by employers as well as employees increase marginally. Maximum pension benefits payable will rise from around $12,000 annually to almost $18,000. A four-year phase would begin in 2019.