ONTARIO SPENT $70 MILLION TO CREATE PENSION PLAN THAT'S NOT NEEDED

Jul 28, 2016

By Christine Ross

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Ontario spent $70 million preparing a provincial pension plan that won’t be needed after all because Ottawa and the other provinces agreed to enhance the CPP. Finance Minister Charles Sousa says the costs include over $2 million for severance for the top six executives at the corporation the province hired to administer the Ontario Retirement Pension Plan. Another $1.68 million in severance will go to 27 employees at the pension corporation. Sousa says more money was put aside for any outstanding costs. Critics say Kathleen Wynne’s government failed to cap executive severances in anticipation of the foreseeable outcome. “This is another sad example of Liberals putting the needs of their friends ahead of the needs of Ontarians,” said NDC pensions critic Jennifer French. Critics of CPP enhancement warn that imposing additional contributions on workers and employers will hurt the economy.

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