Nipissing MPP Vic Fedeli says the Wynne Liberals’ Ontario Registered Pension Plan will hurt low-income earners. Fedeli says once the program kicks in, employees will have to pay 1.9 percent of their salary to the plan.
But he says low-income earners who would qualify for the Guaranteed Income Supplement later in life, will never benefit from the pension plan. That’s because once they collect the Ontario part of their retirement pension, any money they would have received under the Guaranteed Income Supplement will be clawed back.
Fedeli says it means workers who fall into this group will be no further ahead when they start collecting the pension 40 years from now. Meanwhile Fedeli surprised some directors with the Windsor chamber of commerce.
Fedeli met with the business group to discuss the problems with the Wynne Liberals’ proposed pension plan. Fedeli says the directors already knew the plan will eliminate 31,000 jobs.
But he says what they didn’t know is who came up with the job loss number which was the government’s own Ministry of Finance. Fedeli says the Premier knows about the job losses, but is still going ahead with the pension plan.