Provinces stress Ottawa to pause plan to hike CPP premiums subsequent 12 months

Provincial finance ministers have quietly prodded Finance Minister Chrystia Freeland to place a pause on deliberate will increase in premiums staff and companies pay into the Canada Pension Plan.

The deliberate enhance on Jan. 1 is a part of a multi-year plan permitted by provinces and the federal government 4 years in the past to spice up retirement advantages by means of the general public plan by growing contributions over time.

The first premium bump was in 2019, one other was earlier this 12 months and the following is due at the start of 2021.

A lot of provincial finance ministers on a current name with Freeland requested her to place a pause on subsequent 12 months’s computerized enhance due to the COVID-19 pandemic.

They argued it is not a clever financial choice to take extra off staff’ paycheques and to cost companies extra when many are nonetheless struggling.

The particulars are in a letter Saskatchewan’s finance minister despatched Freeland two days in the past, a replica of which was obtained by The Canadian Press.

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