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Yesterday’s announcement by the federal government that it intends to allow Canadians to voluntarily make additional contributions to the Canada Pension Plan (CPP) promises good news for Canadians and their employers. The Canadian Chamber has long supported providing employers and employees with retirement savings options that recognize their varying resources and needs without imposing additional burdens – in the form of higher payroll taxes – on businesses.

This is why the Canadian Chamber has advocated that any enhancements to the CPP be voluntary and paid for by employees only. Increased contributions by employers – as proposed under the Ontario Retirement Pension Plan – can result in businesses curtailing the hiring of new employees and harm the other voluntary retirement savings programs that serve Canadians well.

Subject to the outcome of the consultations the government has announced, we are optimistic that the government’s proposal will give Canadians another choice in increasing their savings for retirement.

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