Restoring Equity to Canada’s Retirement Savings System: Helping Workers Save for Tomorrow looks at Canada’s public pension system, compares it to U.S. President George W. Bush’s proposal for a radical overhaul of U.S. Social Security, and recommends ways in which Canada’s federal government can build on our current system.
Document Highlights
As part of his recent State of the Union address, U.S. President George W. Bush proposed a radical overhaul of Social Security, the retirement safety net that backs every American worker’s retirement. Are the Bush reforms a good idea? Should Canada be emulating them? Does our retirement system need to be reformed?
Restoring Equity to Canada’s Retirement Savings System: Helping Workers Save for Tomorrow looks at these questions in depth from a Canadian perspective. It examines Canada’s equivalent to Social Security—the Canada Pension Plan (CPP)—which together with the QPP (Quebec Pension Plan), Old Age Security (OAS) and Guaranteed Income Supplement (GIS) form this country’s public pension system.
Economics professor Robert Schiller wrote (regarding the Bush plan for Social Security) “…an ownership society should build on the social-insurance system we already have, not replace it” The Conference Board agrees. But, the federal government now needs to encourage higher levels of retirement savings among Canadians.
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