Ontario pension plan benefits indexed to inflation: Wynne

It won’t be launched for another year, but details of the Ontario Retirement Pension Plan (ORPP) were unveiled Tuesday, and it includes benefits indexed to inflation.

Last April, Ontario passed legislation to create a provincial pension for the more than 3.5 million people who do not have a workplace pension.

The ORPP will be phased in starting in January 2017, Premier Kathleen Wynne said at a downtown Toronto cafe.

“Three-quarters of Ontario workers aged 25-34 did not have a workplace pension plan in 2012,” Wynne said.

“It’s quite clear there’s a generational divide in terms of retirement security.

”The ORPP will require contributions from workers and employers, and will pay benefits that vary depending on how many years somebody is contributing and how much they earn.

Chosen excerpts by Job Market Monitor. Read the whole story at Ontario pension plan benefits indexed to inflation: Wynne