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Pension changes ‘greedy’

Young Canadians should support Federal Finance Minister Jim Flaherty’s decision not to expand CPP and his proposal for pooled pension plans for small business, a local business expert said yesterday.

Young Canadians should support Federal Finance Minister Jim Flaherty’s decision not to expand CPP and his proposal for pooled pension plans for small business, a local business expert said yesterday.

“This is just greedy baby boomers trying to jack up part of their pension before they go out the door and passing along the bill to the young people remaining behind in the workforce,” said Ian Lee, a professor at the Sprott School of Business at Carleton University.

Ahead of a meeting with provincial finance ministers in Kananaskis, Flaherty said he is not ruling out a future revamp to the Canada Pension Plan, but said now is not the time because the economy is fragile.

“Right now is probably not a good time to impose any more burdens on employers,” Flaherty said.

The Organization of Economic Development and Co-operation rated Canadian seniors as the fourth wealthiest in a survey of developed countries’ pension systems, Lee said, arguing Canadian seniors don’t need any more help.

Flaherty had gone into a meeting of his provincial and territorial counterparts yesterday floating an idea for a new private-sector plan with pooled resources from small firms, employees and the self-employed.

Afterwards, Flaherty said finance officials will talk with employees, employers and financial institutions in the next month to make sure the plan meets their needs.

WITH FILES FROM THE CANADIAN PRESS

 
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