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Tyee Poll: Is the New CPP Increase Enough?

The Canadian Pension Plan will soon take a larger cut from Canadian paycheques.

Workers and employers each currently contribute 4.95 per cent of a worker's annual income on earnings between $3,500 and $54,900. In 2019, the contribution will slowly rise to 5.95 per cent over a period of five years, kicking in by 2024.

A new maximum pensionable earnings level is also expected within two years. The new maximum will be $82,700, but with a lower premium, soon to be announced.

Young Canadians stand to benefit the most, wrote Tyee editor Paul Willcocks in his latest column. He said that funding one's own retirement is nearly impossible.

While the expansion of the CPP might be good news to some, others say it's not enough. The Canadian Labour Congress was hoping for CPP contributions to double.

Pension coverage has been dropping since the 1970s, said CLC president Hassan Yussuff in a recent Tyee story, and that the doubling could be achieved for the daily cost of a "cup of coffee and a doughnut."

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Please note that Tyee Barometer polls are only intended as a quick and engaging non-scientific snapshot of our readers' opinions on various topics that fit with The Tyee's very broad editorial mandate. They are not intended to be seen as a representative sampling of BC opinion.

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