Prince Edward Island Finance Minister Allen Roach issued the following statement following yesterday’s meeting of federal, provincial, and territorial finance ministers in Vancouver:
We all agree that Canadians today need to save more for retirement. Improving Canada’s retirement income system is perhaps the most critical thing we can do for the financial future of Canadians, especially our young people.
Prince Edward Islanders rely a great deal on the Canada Pension Plan for their retirement savings, which is why we have historically supported efforts to enhance the existing CPP.
This latest agreement is a modest, fully funded, phased-in approach to enhancing the CPP that is portable, universal, and easy to participate in.
I want to commend the effort of all the finance ministers at the table, who worked collaboratively to develop a plan that will help ensure a safe, stable, more secure retirement for Islanders and all Canadians.