Premier Kathleen Wynne has announced exemption rules for the new provincial pension plan here in Ontario.
The plan will have companies pay into premiums of 1.9% of each employee’s salary, which would be up to $1,643 per year, as the employee will be paying an equivalent sum of money.
The Premier says the plan will start to take effect in 2017 with major employers.
However, those companies that reduce 8% of an employee’s salary will be excluded from the pension plan.
The provincial government passed legislation back in April to constitute the pension for more than three million people.
By 2020, every employee in Ontario will have the added retirement security of either the #ORPP or a comparable workplace pension plan.
— Kathleen Wynne (@Kathleen_Wynne) August 11, 2015