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For decades. there was an assumption that the Canada Pension Plan would act as an adjunct to workplace pension plans. If you weren’t fortunate to have a union in your workplace, you were unlikely to have a pension plan and you relied largely on meagre CPP and OAS benefits for your retirement. For a decade, the Canadian Labour Congress pressed the federal government to double the Canada Pension Plan from 25 per cent to 50 per cent of earnings after a lifetime of work.
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In 2016, the provincial and federal finance ministers finally agreed to a modest 33 per cent increase to the CPP benefit. The CPP is funded by premiums split evenly between employees and employers, and it invests our deferred earnings prudently so we can rely on the actuarial assumptions that our pension will be there in retirement.
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Last week for the first time in CPP history, the federal government announced a premium cut from 9.9 per cent to 9.5 per cent. For a person earning the average wage of $54,600 a year, the premium reduction is $109 per year, or $4.20 every two weeks. By contrast, the big five banks will save an estimated $40 million, Telecoms an estimated $19 million, Walmart an estimated $14 million, Amazon an $6 million, etc. In total, $3 billion a year will be lost to the plan, money which is meant to secure retirement benefits for Canadians. Actuarial reports today suggest that CPP is adequately funded for some decades, so now is the time to increase the benefit to 50 per cent for future retirees. Instead, Prime Minister Mark Carney feels comfortable cutting premiums for all these profitable corporations. This is the banker Carney acting, not the prime minister who should be looking out for our future retirees who right now are working hard every day, many in multiple precarious jobs, keeping our economy running.
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Putting money back in the pockets of the already rich is risky and wrong-headed.
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Ken Georgetti, president emeritus of the Canadian Labour Congress, Burnaby
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Vancouver spawning ground for sports franchise
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Vancouver has a very strong and loyal sports base but lacks the facilities and/or proper government backing to keep worthy franchises in the city for good. The U.S. is rich and predatory and values sports more than anything else, as evidenced by their university/college programs that put sports ahead of academics. Thus the U.S. boasts of countless and immense stadiums worth billions of dollars we Canadians can only dream of. There are enough fans to support any sports franchise, but we lack the infrastructure for it to thrive.
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The Whitecaps will be the latest “spawned and developed in Vancouver” sports franchise that will be relocated in the U.S. Can any B.C. entrepreneur beat what the Las Vegas billionaire is offering for the Whitecaps? Financially, probably, but stadium-wise not one B.C. official is on record showing any possible alternative. So enjoy the Caps while they’re still around and bid farewell after the 2026 season. Whitecaps will be “The Las Vegas Whitesands?”
