Morneau says feds, provinces will discuss further CPP changes
MISSISSAUGA, Ont. — Finance Minister Bill Morneau says any more changes to the Canada Pension Plan will have to wait for a regular review of the national pension scheme, including a provision aimed at helping women who stay home to raise children.
The Liberals had previously said Morneau would raise the issue of this so-called drop-out provision with his provincial counterparts before the end of 2016.
Any time out of the workforce could be a knock against someone in retirement, because CPP benefits are calculated on average annual earnings.
The existing system allows parents who temporarily leave the workforce during child-rearing years to exclude that time from the calculation.