Harper says `major' changes coming to pension system


mentalfloss
#1
Stephen Harper says `major' changes coming to Canada's pension system: speech

DAVOS, Switzerland - Prime Minister Stephen Harper has signalled his government will bring forward ``major transformations'' to the country in the coming months - in areas such as the retirement pension system, immigration, science and technology investment and the energy sector.

Of those reforms, Harper said, getting a grip on slowing the rising costs of the country's pension system is particularly critical.

In the wake of Harper's speech, it now appears that the Conservative government could be poised to gradually change the Old Age Security system so that the age of eligibility is raised to 67 from 65.

``In the months to come, our government will undertake major transformations to position Canada for growth over the next generation,'' said Harper. The Conservative government will table a budget in the coming weeks that is expected to set the stage for years of deficit-slashing and government reform.

Harper said the country's aging population has become a backdrop for his concern about how to keep the country strong over the long term.

``If not addressed promptly, this has the capacity to undermine Canada's economic position and, for that matter, that of all western nations well beyond the current economic crises.''

Indeed, Harper said the country's demographics - an aging populating and a dwindling workforce - constitute ``a threat to the social programs and services that Canadians cherish.''

For that reason, he said his government will ``be taking measures in the coming months.''

Harper did not specify what those measures will be, but he said they are necessary - not just to bring the government's finances back to a balanced budget in the medium term, ``but also to ensure the sustainability of our social programs and fiscal position over the next generation.''

``We have already taken steps to limit the growth of our health care spending over that period,'' said Harper.

``We must do the same for our retirement income system.''

Harper said the centrepiece of the public pension system - the Canada Pension Plan - is fully funded, actuarially sound and does not need to be changed.

But he added: ``For those elements of the system that are not funded, we will make the changes necessary to ensure sustainability for the next generation while not affecting current recipients.''

So far, the government has come forward with a plan to create a private pooled pension system to encourage Canadians to prepare for their retirement.

Still, there are concerns that as baby boomers approach retirement, the cost to government of providing public pensions will skyrocket.

In December, the National Post reported that there was internal debate within the government about increasing the age of eligibility for the other major element of the public pension scheme - Old Age Security - from 65 to 67.

Internal government documents project the cost of the OAS system will climb from $36.5 billion in 2010 to $48 billion in 2015. By 2030 - when the number of seniors is expected to climb to 9.3 million from 4.7 million now - the cost of the program could reach $108 billion.

Among the other priorities where change is coming:

Energy
The Conservative government will make it a ``national priority'' to ensure the country has the ``capacity to export our energy products beyond the United States, and specifically to Asia.''

``In this regard, we will soon take action to ensure that major energy and mining projects are not subject to unnecessary regulatory delays - that is, delay merely for the sake of delay.''

Harper did not explain what he has planned, although he and Natural Resources Minister Joe Oliver have complained that foreign-backed ``radical'' opponents of the $5.5-billion Northern Gateway project have threatened to slow down hearings by the National Energy Board.

Immigration
The system faces ``significant reform,'' said Harper.

``We will ensure that, while we respect our humanitarian obligations and family reunification objectives, we make our economic and labour force needs the central goal of our immigration efforts in the future.''

Science
The government will continue to make ``key investments in science and technology'' that are necessary to sustain a ``modern competitive economy.''

``But we believe that Canada's less-than-optimal results for those investments is a significant problem for our country.''

In future, he said, there will be changes to rectify that problem.

Trade

Harper expects to complete negotiations on a Canada-European Union free-trade agreement this year.

Furthermore, he said, his government is committed to also completing negotiations for a free-trade deal with India by the end of 2013.

And Canada will begin talks to become a member of the Trans-Pacific Partnership while also pursuing opportunities to trade in the emerging market of Asia.

Harper arrived Wednesday at the World Economic Forum determined to tout Canada as a trading nation with a solid economic record and massive oil resources which are ready to be sold and shipped to customers worldwide.

Other members of cabinet who are attending the conference in the exclusive mountainside resort in the Swiss Alps are Finance Minister Jim Flaherty, Foreign Affairs Minister John Baird, International Trade Minister Ed Fast and Bank of Canada governor Mark Carney.

Harper issued a scathing criticism of countries in the developed world, which he suggested had forgotten about the importance of creating economic growth. ``Is it the case that, in the developed world, too many of us have in fact become complacent about our prosperity?'' Harper asked.

He suggested that developed countries had taken wealth ``as a given . . . assuming it is somehow the natural order of things.''

Stephen Harper says `major' changes coming to Canada's pension system: speech
 
Cliffy
+2 / -3
#2
Like Gordo, Harpo is talking through the hole in his head. He is taking about exporting jobs, not just resources. Harpo did the same thing and look what happened. He destroyed the logging industry by allowing the export of raw logs causing mills to shut down and put people out of work. And like Harpo, he blamed it on the environmentalists. The truth is something else but some people like the sound of farting better than the spoken word.
 
darkbeaver
+1 / -1
#3
"Other members of cabinet who are attending the conference in the exclusive mountainside resort in the Swiss Alps are Finance Minister Jim Flaherty, Foreign Affairs Minister John Baird, International Trade Minister Ed Fast and Bank of Canada governor Mark Carney."

That's a list we'll see arrested or we'll pay with our lives.These spineless puss balls entertain the baby eating scum of the planet the very ones who perpetuate income inequality and cripple equitable wealth distribution. We would be wise to see them swing before they've murdered our sons and daughters in mad evil wars.
 
L Gilbert
+1
#4
hehe I wonder what sort of effect that will have on employment. Old folks having to work an extra 2 years and all that.
 
lone wolf
+2
#5
Somehow, I'm thinking the building and planning department is in need of kissing a wrecking ball.

Bet we don't start with MP pensions
 
jjaycee98
+1 / -1
#6
Quote: Originally Posted by L GilbertView Post

hehe I wonder what sort of effect that will have on employment. Old folks having to work an extra 2 years and all that.

Beats having to bring in a bunch of immigrants to fill jobs. Alot of Seniors are working at the lower paying jobs that no one else wants to take. Many work for a little more income, but many are just filling up time.

I have found thaa a lot of the people who are griping about Seniors continuing to work either do not want to do those jobs anyway, or have not taken the time and effort to prepare for the job they think they should have.

There should be some way to continue to pay for Seniors at 65, with a means test. Just as there is now a clawback at $60,000 of Income reported on Tax returns, there could be a maximum Income Level for those ages 65 and 66 that is at a lower figure-like $30,000?. That is how Child Tax benefit works now; according to family Income, so they already have the Tax program up & running.
 
mentalfloss
#7
I wonder if people will just take the hit and retire early anyway.

I don't really want to work longer than 60 if I could.
 
Cliffy
+1
#8
Quote: Originally Posted by mentalflossView Post

I wonder if people will just take the hit and retire early anyway.

I don't really want to work longer than 60 if I could.

Best way to do that is buy some land and set it up for self sufficiency. Retire when it is payed off and live off your land. You could retire earlier than 60.
 
mentalfloss
-2
#9
Quote: Originally Posted by CliffyView Post

Best way to do that is buy some land and set it up for self sufficiency. Retire when it is payed off and live off your land. You could retire earlier than 60.

Don't have the money to invest. I could just live like a conservative and save every penny, but not enjoy life for 20 or so years.
 
JLM
+1
#10
He's announced potential changes to the O.A.P., one scenario could be raising the qualifying age to 67. The burning question is what changes is he going to make to politicians pensions? I suppose with many seniors now living well into their 90s something has to give. Stephen Harper: 'Major' changes coming to Canada's pension system, PM says in Davos speech | News | National Post
 
mentalfloss
+2
#11
Scoll down a few topics.. sheeesh

forums.canadiancontent.net/ca...es-coming.html (external - login to view)
 
JLM
+1
#12
Quote: Originally Posted by L GilbertView Post

hehe I wonder what sort of effect that will have on employment. Old folks having to work an extra 2 years and all that.

I guess there are many ways of dealing with the problem (many of which are against my philosophy) but something obviously has to give with many seniors going well into their 90s. One would be paying premiums while young and employed like C.P.P. another would be restricting qualification to those under a certain income. One thing for sure- some one is going to be pissed off.
 
mentalfloss
-1
#13
Raising retirement age 'unacceptable': NDP

Officials noted that the cost of OAS is pegged to rise to $108 billion a year in 2030 from $36 billion in 2010. That's because the number of Canadians over 65 will rise to 9.3 million in 2030 from 4.7 million in 2010.

Treasury Board President Tony Clement — who has been leading a review of government spending with the aim of finding $4 billion to $8 billion in annual savings — muddied the waters later Thursday.

He insisted that the government is not looking to cut OAS costs.

"What we're not doing is there's about $200 billion of the federal government budget that relates to transfers to individuals, like Old Age Security or EI payments, or transfers to provinces for things like health care … We're not looking at those," Clement told reporters following a speech in Toronto.

"That leaves about $80 billion of direct programming that is part of the federal (spending) review."

The government has been contemplating changes to the retirement security system for years. One option could be to raise the age at which people can claim benefits.

NDP finance critic Peter Julian said it would be "completely unacceptable" to ask Canadians to work until 67 rather than 65 before qualifying for OAS — a change that remains purely speculative at this point.

"The announcement today, the ominous words, because we don't have any details yet, I think are a slap in the face to Canadian seniors," Julian said at a news conference in Ottawa.

The government might also try to shift some OAS recipients to the self-financing CPP system by creating new options for them.

Andrew Jackson, social and economic policy director for the Canadian Labour Congress, said the government might be considering partial de-indexing of OAS benefits, which are currently indexed to inflation. Or it might lower the income threshold at which the government begins clawing back benefits, currently about $50,000.

Any cuts to benefits will be controversial, since many older Canadians took a hit on their retirement savings during the recent financial market turmoil.

Plus, more and more companies are slashing pension benefits or turning to defined contribution agreements that favour corporations — again weakening the retirement savings of Canadians and making them more dependent on government.

Pension system to see 'major' changes to cut costs - Politics - CBC News


Quote: Originally Posted by mentalflossView Post

Don't have the money to invest. I could just live like a conservative and save every penny, but not enjoy life for 20 or so years.

Are you gonna comment on why you disagree with this post, Captain Coward?

Or are you just gonna red and run like panzy?
 
DaSleeper
#14
Quote: Originally Posted by JLMView Post

He's announced potential changes to the O.A.P., one scenario could be raising the qualifying age to 67. The burning question is what changes is he going to make to politicians pensions? I suppose with many seniors now living well into their 90s something has to give. Stephen Harper: 'Major' changes coming to Canada's pension system, PM says in Davos speech | News | National Post

Yo!!! I noticed a change in my CPP and OAS deposit this morning in my bank account
About $5 for OAS and $18 for CPP raise....whooppee just enough for a 26 pounder
 
JLM
#15
Quote: Originally Posted by DaSleeperView Post

Yo!!! I noticed a change in my CPP and OAS deposit this morning in my bank account
About $5 for OAS and $18 for CPP raise....whooppee just enough for a 26 pounder

I got $2.15 on the OAS.
 
DaSleeper
#16
Quote: Originally Posted by mentalflossView Post

Scoll down a few topics.. sheeesh

forums.canadiancontent.net/ca...es-coming.html (external - login to view)

Just goes to show how people pay attention to your numerous c/p's on Harper

Quote: Originally Posted by JLMView Post

I got $2.15 on the OAS.

If I was curious enough to take out my calculator, I could probably figure out your familly income with with that figure compared to mine..
 
JLM
#17
Quote: Originally Posted by CliffyView Post

Like Gordo, Harpo is talking through the hole in his head. He is taking about exporting jobs, not just resources. Harpo did the same thing and look what happened. He destroyed the logging industry by allowing the export of raw logs causing mills to shut down and put people out of work. And like Harpo, he blamed it on the environmentalists. The truth is something else but some people like the sound of farting better than the spoken word.

Unfortunately there are "environmentalists" around who don't use any common sense or do much research. Case in point are those who chain themselves to logging equipment and put hard working people's mortgage payments in jeopardy. That nonsense benefits nobody.
 
JLM
+1
#18
Quote: Originally Posted by DaSleeperView Post

Just goes to show how people pay attention to your numerous c/p's on Harper


If I was curious enough to take out my calculator, I could probably figure out your familly income with with that figure compared to mine..

Have at it.
 
#juan
#19
Quote:

The burning question is what changes is he going to make to politicians pensions? I

I remember when MPs voted themselves a pension that only required them to be
elected to parliament for six years. It has gotten worse since then. We already
pay MPs more than most of them would get in the private sector. Do they really
need a super pension too???
 
JLM
+1
#20
Quote: Originally Posted by #juanView Post

I remember when MPs voted themselves a pension that only required them to be
elected to parliament for six years. It has gotten worse since then. We already
pay MPs more than most of them would get in the private sector. Do they really
need a super pension too???

I'm not really into paying ANY pension to people who by rights should probably be in jail.
 
mentalfloss
#21
Harper's retirement agenda set to open up the battle lines - The Globe and Mail
 
DaSleeper
#22
Quote: Originally Posted by JLMView Post

Have at it.

By the same token you can figure mine out
 
Niflmir
+2
#23
Bring smoking back in restaurants.

OAP problem solved.
 
SLM
+1
#24
Quote: Originally Posted by JLMView Post

He's announced potential changes to the O.A.P., one scenario could be raising the qualifying age to 67. The burning question is what changes is he going to make to politicians pensions? I suppose with many seniors now living well into their 90s something has to give. Stephen Harper: 'Major' changes coming to Canada's pension system, PM says in Davos speech | News | National Post

Yes and they're already backing away from it, from what I'm reading online right now.

Which means they're likely trying to sneak something else in....keeps your eyes peeled.
 
Goober
#25
Stephen Harper messing with public pensions could be minefield | News | National Post
 
katiekat
#26
Dear Society:




I am very angry. Yesterday I heard onthe news that Harper was proposing raising the age from 65 to 67 toqualify for old-age retirement, the old-age income supplement. I wasunclear about whether this applies to Canada Pension as well. Hesaid that people are living to be older. Not true! I am only 58 andmany of my friends are gone already, dying from stress-relateddiseases. I have a stress-related disease myself. There are morepeople because we are baby boomers, and baby boomers means that inour era more babies were born, so probably there are more peopleliving to old age. Most of us will not. My Grandparents lived to bein their nineties. My Parents were in their seventies. I suspect,although only God can know for sure, that I will be in my sixties. Like I said, I have a stress-related illness.




What is the answer? Kill off theelderly, by cutting the Health Care and their pensions, so that theyare forced to live in poverty! Give me a break! It is our seniors,our parents and our grandparents that have given to society the most. In their dedication, they have worked to create the best worldpossible. What a slap in the face, for a senior who has workedhis/her whole life to make this world a better place! So much forloyalty and dedication!




Then I hear about the GovernmentEmployees, who are collecting large pensions. Fine! They earnedthem! But then I hear that some of them may have a million or twodollars in investments and more than an adequate amount of money inthe bank!




I was a Health Care Aide/PSW, whoworked part-time in Nursing Homes and Home Care for several years. Because I was considered part-time, I earned very little pension formy old-age. Places hire part-time so that they can save on benefits.




I worked for a living. I was adedicated, loyal worker who hardly missed a shift. I loved my careerand the elderly people that I worked with. I put in about twentyyears in my career. I would probably not change a thing. I havealways wanted to help people.




I recent being mocked and laughed atbecause I am living in poverty and have a disability. I haveParkinson's disease, and yes I have noticed the smirks on certainpeoples faces, who do not know anything about me or my past. Theyhave categorized me as another disability bum taking advantage of thetax payers money and living on disability. They probably believethat I have never worked, and actually, I held a job that was justas responsible or more responsible that the jobs that these peopleare holding. Laugh at me! Okay! We all get old someday! Some ofus become ill. We never know what is in our future.




Let's as a society make some changes! Let's value our seniors and disabled. After all we may be in thesame position someday.




Respond to:




bellprincesskate@aol.com (external - login to view)
 
JLM
#27
Quote: Originally Posted by katiekatView Post

Dear Society:




I am very angry. Yesterday I heard onthe news that Harper was proposing raising the age from 65 to 67 toqualify for old-age retirement, the old-age income supplement. I wasunclear about whether this applies to Canada Pension as well. Hesaid that people are living to be older. Not true! I am only 58 andmany of my friends are gone already, dying from stress-relateddiseases. I have a stress-related disease myself. There are morepeople because we are baby boomers, and baby boomers means that inour era more babies were born, so probably there are more peopleliving to old age. Most of us will not. My Grandparents lived to bein their nineties. My Parents were in their seventies. I suspect,although only God can know for sure, that I will be in my sixties. Like I said, I have a stress-related illness.




What is the answer?

The answer is to quit worrying before anything happens. NO one has said ANYTHING about C.P.P. Read the obituaries, probably 5%-10% of people are going to 90 or more, when I was a kid, to reach 90 was a very rare exception. Actually stress saves more people than it kills.
Last edited by shadowshiv; Jan 27th, 2012 at 11:35 PM..
 
shadowshiv
#28
Quote: Originally Posted by SLMView Post

Yes and they're already backing away from it, from what I'm reading online right now.

Which means they're likely trying to sneak something else in....keeps your eyes peeled.

He was just trying to float a balloon to see what would happen(which is why he did it while he was out of the country). The reaction that followed basically popped that balloon and I don't think he'll be trying to impliment that anytime soon(ever).
 
shadowshiv
#29
I'm gonna go ahead and merge the two threads.
 
SLM
+2
#30
Quote: Originally Posted by shadowshivView Post

He was just trying to float a balloon to see what would happen(which is why he did it while he was out of the country). The reaction that followed basically popped that balloon and I don't think he'll be trying to impliment that anytime soon(ever).

That's exactly why he did it while out of the country. It is also not unheard of for any government to make a statement about something which they know will be controversial, back step on it, then introduce another change/cut/etc which is less controversial and that ends up slipping under the radar because the first announcement gets all the press. That's just political thinking, AKA misdirection.
 

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