CBC reports that the Conservative government is pitching a private pension plan for small businesses, employees and the self-employed, in a bid to encourage more Canadians to save for retirement.
Finance Minister Jim Flaherty will sell the idea of a low-cost pooled pension to his provincial counterparts next week, when they meet in Kananaskis, Alta., on Monday.
The concept — to be known as a pooled PRPP — will help more Canadians plan financially for their future, Flaherty told reporters at an Ottawa news conference Thursday.
“If you work for a smaller business in Canada, the employer won’t [currently] offer a pension plan. This plan would say to an employer, ‘Listen, you can offer this plan but you don’t have to contribute to it.’ Employees would contribute to it, or can opt out.
“It would make a nice, easy and relatively painless way for people to contribute to their retirement.”