Ontario’s Pension Plan halted, CPP deal likely

 

Finance Minister Charles Sousa

Finance Minister Charles Sousa must now work on the close-out

Finance Minister Charles Sousa said the province had no choice but to halt the Ontario Retirement Pension Plan as most other provinces had to approve a provisional deal to improve Canada Pension Plan payouts for retirees by July 15.

Officials will be meeting “in short order” to decide how to close out the ORPP and staff will have to stay on to handle those duties, Sousa said.

There are about 50 employees including a CEO who have jobs at stake.

The province has spent close to $14 million on the ORPP, if one factors in the severance packages for affected employees that figure will be higher.

Meanwhile Indira Naidoo-Harris who just last week was appointed Minister Without Portfolio and Associate Minister of Finance (Ontario Retirement Pension Plan) now has to do something about the ORPP part of her title. Awkward.

On the one hand, she’s the minister without portfolio, she had a portfolio but no longer has it. One can be sure MPP Indira Naidoo-Harris will get some other portfolio, it isn’t clear which one. – CINEWS

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