Genuine Improvement to CPP Is Essential, Affordable

Pension reform must provide retirement security for Canadians

TORONTO, June 22 /CNW/ - Canada's federal and provincial governments must heed the resounding expectations of Canadians for meaningful improvements to public pension plans, the United Steelworkers (USW) union says.

"Our federal and provincial governments are finally acknowledging the need to expand the Canada Pension Plan," says Ken Neumann, the USW's National Director for Canada.

"It is now incumbent on our political leaders to follow through with significant pension reform that will ensure retirement security for Canadians," Neumann says.

At a meeting earlier this month, federal and provincial finance ministers recognized the Canada Pension Plan must be expanded. However, some political leaders are proposing only moderate improvements that would not take effect for many years.

"Minor improvements, implemented over the long term, will do little to address Canada's pension crisis," Neumann says. "Canadians deserve more than lip service. They want genuine reform to ensure they will not spend their retirement years in poverty."

The USW is a key partner in the Canadian Labour Congress campaign to double Canada Pension Plan payouts. The campaign, endorsed by the CPP's former chief actuary, calls for liveable pension benefits to Canadians through realistic and gradual increases in the premiums invested by workers and employers. It also proposes an immediate 15% increase to Guaranteed Income Supplement benefits.

The USW is calling on its members and all Canadians to demand that our political leaders follow through with genuine pension reform. For more information and to participate in the USW's electronic lobby campaign information, visit www.usw.ca.

For more information on the CLC's Retirement Security for Everyone! campaign, visit www.canadianlabour.ca.

For further information: Ken Neumann, USW National Director for Canada, 416-487-1571; Bob Gallagher, USW Communications, 416-434-2221, 416-544-5966, [email protected]