Ottawa’s pension enhancement stall OK’d by B.C. Liberals

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VICTORIA – The B.C. Liberal government is supporting the federal government’s stall on pension enhancement, say the New Democrats.

“The Liberal government knows the federal government’s approach to retirement savings will leave people behind. But instead of standing up for British Columbians, they are supporting the federal Conservatives in its neglect of the Canada Pension Plan,” said New Democrat finance critic Mike Farnworth.

After the federal government announced it would not enhance contributions to the CPP, Finance Minister Mike de Jong told the media, “We don’t think this is necessarily the right time,” adding that, “the conversation on that subject is concluded.”

“Canada Pension Plan is still the best way for Canadians to save for retirement. It is well managed, and has a proven record of reasonable returns and low administrative costs,” said Farnworth. “That’s why like the B.C. New Democrats, the majority of the provinces support the enhancement of the CPP.

“Yet the federal government, with the backing of the B.C. Liberals, continues to ignore the problems facing retirees who have worked very hard their whole lives. Their only excuse is to say now is not the right time.

“This seems to be the same excuse the B.C. Liberals and federal conservatives use for their failure to tackle issues like child poverty.”

Farnworth said, “Just a few years ago, the Liberal government was pressing for CPP enhancement. Now, they have flip-flopped to support the federal government’s position. The Liberal government needs to stop accepting the Conservative government’s destructive tactics, and stand up for all people that this plan will leave behind.”