Budget missed opportunity for pensions: CFIB

Ongoing work for pooled pensions encouraged
|hrreporter.com|Last Updated: 06/07/2011

The Canadian Federation of Independent Business (CFIB) is disappointed further action wasn't taken in the federal budget to reduce the growing gap between public sector and private sector compensation, benefits and pensions.

"This was a missed opportunity to address the massive unfunded pension liability and deal with the ever rising cost of Canada's civil service. This is really about fairness to taxpayers that will ultimately get stuck with the bill if not addressed soon," said

CFIB president Catherine Swift.

CFIB did applaud the ongoing work to introduce pooled registered pension plans (PRPP). However, it remains concerned with the reference to make "modest enhancements" to the Canada Pension Plan (CPP). “Another tax increase is not the answer,” said Swift.

And the Communications, Energy and Paperworkers Union (CEP) agrees.

"Hundreds of thousands of workers in forestry and other industries have lost their jobs and seen their pensions crumble, and this was an opportunity for the government to repair some of that damage." said Dave Coles, president of CEP. "Instead, there is nothing for workers and nothing to address the looming national pension crisis."

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