Provinces pressure Ottawa to pause plan to hike CPP premiums next year | CBC News

june

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

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

The first premium bump was in 2019, one other was earlier this yr and the subsequent is due initially of 2021.

Various provincial finance ministers on a latest name with Freeland requested her to place a pause on subsequent yr’s computerized enhance due to the COVID-19 pandemic.

They argued it is not a sensible financial resolution to take extra off employees’ 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 duplicate of which was obtained by The Canadian Press.

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