Federal government, provinces agree to new deal on CPP reform

VANCOUVER — Both Canadian workers and their employers will soon be on the hook for higher contributions to the Canada Pension Plan after the federal government reached an agreement with most of the provinces Monday to revamp the program for the first time in nearly two decades.

Federal Finance Minister Bill Morneau said the change means future generations of Canadians will be able to retire in dignity, no matter the state of their finances.

“We have come to a conclusion that we are going to improve the retirement security of Canadians,” Morneau said.

Your mileage may vary…

h/t Marvin

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