Canadian’s retirement years just got a little more golden.
Changes to the Canadian Pension Plan were agreed to, in principle, by the federal government and 8 provinces.
NS Finance Minister Randy Delorey says the changes will benefit this generation of workers.
“The more years they work paying the enhanced benefits, the more of the enhanced contributions that they receive when they retire.”
Workers and employers will pay more into CPP, but people with an average yearly salary of 50 thousand dollars will receive an extra $4,000 per year under the new scheme.
NS Finance minister Randy Delorey says this a change for the long term.
“People entering the workforce now who will be contributing under the enhanced program for their entire working career, they will be the people who receive the full enhanced benefit.”
The changes will go into effect in 2019 to allow time for businesses and workers to adjust to the increased payments.
