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Strengthening pensions: a CUPE overview
 

Strengthening pensions: a CUPE overview

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CUPE national president Paul Moist was the closing speaker on a lively panel at the national pension trustee training. He wrapped things up by mapping out the challenges and opportunities on the road ...

CUPE national president Paul Moist was the closing speaker on a lively panel at the national pension trustee training. He wrapped things up by mapping out the challenges and opportunities on the road to retirement security for all.

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    Strengthening pensions: a CUPE overview Strengthening pensions: a CUPE overview Presentation Transcript

    • :te/cope 491 Canadian Pension Overview SHARE BC Pension Forum December 10, 2009 Vancouver, BC Paul Moist National President Canadian Union of Public Employees
      • Global recession
      • Bankruptcies up
      • Investment returns down
      • Legislative shortcomings
      • Interest rates / demographics
      Pension Tension Rising……Why?
      • CPP coverage is wide, indexed, secure, and portable. Provides a maximum 25% of average Canadian wage ($11,575).
      • OAS / GIS….secure, universal….just not enough. Designed for a maximum 15% ( $6,945) replacement of YMPE.
      • Third leg of pension stool doesn’t exist for most Canadians. Eleven million workers, 65% of workforce, have no workplace pension. Only 31% of Canadians have any RRSP wealth. Median RSP $60,000 ($250 / mo.)
      • Result - massive retirement income insecurity.
      The 1960’s Game Plan Never Materialized!
      • Ontario, BC, Alberta and Nova Scotia reviews
      • Federal review (Menzies Committee)
      • Trade union movement
      • Canadian Bankers Association
      • CARP – Plan Retirees’ – Canadian Public
      Everyone Agrees There Is A Problem
      • Canadian Labour Congress plan
      • Double CPP benefits
      • Immediate 15% increase to OAS/GIS benefits
      • Introduce a Federal Pension Insurance Fund
      • A national summit on pensions
      Solutions
      • Provincial / federal wrangling
      • Harper government
      • Pension / finance industry
      • Debt / deficit hysteria
      • The absence of a pension champion
      Expect Resistance / Inertia
      • U.S. in decline
      • China / India rising
      • Declining union density
      • World GDP $45 trillion - $600 trillion in derivatives
      Big Picture Impacts on Canadian Pensions
      • Labour unity / resources….a plus
      • SHARE principles needed / wanted
      • Broad consensus on the need for change
      • Challenge remains….a Pan-Canadian solution
      • Collective Risk Sharing – a debate we can and must win
      Canadian Pension Debate – Some Positives
    • Questions ?