ABOUT TOWN and more with The Leader Post

What do you think?

While this new piece of legislation has been introduced it is yet to be voted on by our MPP's.

Bill 56: Ontario Retirement Pension Plan

This bill establishes the framework for the introduction of the Ontario Retirement Pension Plan, or ORPP, starting in 2017. The ORPP is a “universal” pension plan, similar in nature to the Canada Pension Plan. All employees in Ontario must participate in the ORPP, unless the employer has established a comparable workplace pension plan. Employees will contribute 1.9% of earnings up to an annual limit ($90,000 in 2017), with a matching employer contribution. The objective is to provide the individual with an annual retirement benefit at age 65 equal to 15% of the average of the employee’s pensionable earnings. The ORPP is to be administered by an arms-length government agency.

Jan. 7, 2015