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Canada provinces reach preliminary deal on pension plan reform -source

Published 2016-06-20, 07:34 p/m
Canada provinces reach preliminary deal on pension plan reform -source

VANCOUVER, June 20 (Reuters) - Canada's provinces have
reached an agreement-in-principle to support a compromise plan
to expand the country's national pension plan that would see
premiums raised moderately over time to provide greater payouts
for Canadian pensioners, a source with direct knowledge of the
deal said on Monday.
The proposed changes, if approved by the provinces, would
start in 2019 and be phased in over seven years. Reforming the
Canada Pension Plan (CPP) requires the support of the country's
federal government plus seven of the 10 provinces, representing
two-thirds of the Canadian population.

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