The pay cheques of Niagara West – Glanbrook residents will be significantly smaller, with little benefits, if the Liberals continue with their so-called Ontario Retirement Pension Plan, says MPP Tim Hudak.
The people in my riding continue to express their concerns with the proposed pension plan, said Hudak, noting it will mean more taxes and less take home pay. With a plan that won’t fully payout for more than 40 years, family incomes could be cut by up to four percent of their annual salaries, or up to $7,000 a year, for a retirement plan many will never see.
Business owners in Niagara West – Glanbrook are also worried that the government’s proposed Ontario Retirement Pension Plan will negatively impact their business, says Hudak, noting the ORPP was listed as the second biggest impediment to business growth in a recent survey he conducted in his riding.
“Business owners, very rightly, told me the addition of a 1.9% tax on their payroll going to the government will severely limit their ability to hire new employees or even keep all their existing employees,” said Hudak. “Add to that the matching deduction from employee salaries and Ontario is being set up for major job losses and an increase in the working poor.”
Business owners and their employees also told Hudak that they’re concerned the ORPP would cancel out their existing pension plans, causing increases in contributions and reductions in benefits paid to employees.
Hudak said job creators, business groups, chambers of commerce and experts in economics have all warned the Liberal’s proposed ORPP will result in job losses across the province and that Ontarians will end up worse off because of it.
Today’s announcement from Premier Wynne on the design features of the Ontario Retirement Pension Plan doesn’t change the fact that most Ontarians can’t afford and don’t want this plan, said Hudak.
“Walk away from this reckless and harmful proposed tax increase now before it chases more investment out of Ontario and makes many working Ontarians poorer,” Hudak told the Liberals.