New Ontario Mandatory Pension Plan

[Big Guy]

Ontario is bringing in its own pension plan over misgivings and warnings from the federal government.

http://www.cbc.ca/news/canada/toronto/liberals-introduce-bill-to-create-provincial-pension-plan-1.2864321

Is this a good idea or a bad idea?

[Ash74]

At first glance it seems like a great idea.

But this is a government that has a terrible track record of doing things right.

I cannot back this up but I have no doubt this is just going to be used like a piggy bank for the province.

Small bushiness employers are still fighting for life and this is going to hurt.

I fear this is only for a new revenue stream despite all the claims it will be handled with responsibility.

I make no secret that I have no faith in the Ontario Liberals and have only been surprised by how badly they screw up.

[Topaz]

The one item that may hurt some low paying workers is they will lose some of their wages but will see it when they retire. I can't see businesses cutting back on workers since they already have been doing that and they can't be in that bad of straights because the feds are always bring Bills forward to help small businesses. Only time will tell if this is a good idea.

[overthere]

The one item that may hurt some low paying workers is they will lose some of their wages but will see it when they retire.

Why are you confident that the Ontario government will have that money in 10 , 20 50 years? Is there something, anything in their financial stewardship that convinces you of their competence?

Only time will tell if this is a good idea.

Yeah, I'd rather rely on some competent analysis than on wishing and hoping. Call me crazy.

Increased payroll taxes like this cannot help an Ontario economy trying to dig itself out of a big hole.