Report recommends Quebec prohibit disparities in retirement plans

first_img Federal budget fails to support needed pension reform, retiree group says Quebec should engage with the rest of the provinces to address the unequal treatment of pension plan members that has emerged in recent years, a report from a government task force concludes. The provincial government released a report Thursday from a task force that was struck to examine the issue of the unequal treatment of pension plan members base solely on hiring date, which typically makes plans less generous to newer workers. After studying the issue, the group has concluded that Quebec cannot act unilaterally without harming the competitiveness of its businesses. Keywords Pensions,  Quebec Canadian plan sponsors post positive quarter despite bond slump James Langton Budget 2021 revives tax issues from 2019center_img Share this article and your comments with peers on social media The report recommends that the government act to prohibit new disparities in retirement plans, group insurance plans and other benefits plans. It also calls for an interprovincial working committee to “jointly examine the possibility of legislating to prohibit disparities” in these sorts of plans. “We openly welcome this report and I would like to thank the members of the task force, who are proposing several worthwhile avenues. The question is complex and we will take the time to properly analyze the proposals to find the best solution. From the standpoint of working conditions and retirement plans, we have a duty to treat fairly young people and future generations,” says Carlos Leitão, minister of finance of Quebec, in a statement. “To ensure intergenerational equity, the Quebec government must continue to be a leader in Canada in the realm of labour standards. At the same time, the government must ensure that Quebec companies and firms operating in Quebec find a favourable business environment there. A healthy economic environment benefits all Quebecers. Quebec can do even more but it cannot act alone. To this end, it must send a clear signal that intergenerational equity is a question that it will promote beyond its borders,” adds André Fortin, Minister of Transport, Sustainable Mobility and Transport Electrification. Related news Facebook LinkedIn Twitterlast_img read more