Sask. finance minister argues against boosting CPP
Kevin Doherty meeting with federal, provincial counterparts in Ottawa
Saskatchewan's finance minister says now is not the time to hike contributions to the Canada Pension Plan.
Kevin Doherty is in Ottawa for a meeting with his federal and provincial counterparts, where one item on the agenda is a boost to the CPP.
- RELATED: Provincial finance ministers tell Bill Morneau timing not right for CPP expansion
- RELATED: Finance Minister Bill Morneau may have enough provincial support to boost CPP
"We don't think right now, at least in our province, that the business community can withstand another mandatory contribution with respect to Canada Pension Plan," Doherty said.
"So we're not saying never, we're just saying right now is not the time."
Doherty says requiring businesses to pay more in CPP contributions will limit any business that wants to do creative, voluntary measures.
"If we say that we're going to enhance CPP, why would any employer want to engage in a pooled registered pension plan, a voluntary pension plan, now if they know for a fact that the governments of Canada are going to impose that mandatory contribution on them?" Doherty said.
CPP contributions are deducted from an employee's paycheque and must be matched by the employer.
Changes to the plan require the support of two-thirds of the provinces, with no less than two-thirds of the country's population.