Last summer Wynne unveiled how the pension plan will work and that it will eventually be mandatory for all Ontario workers whose employers do not provide a workplace pension plan.
This will impact nearly 3.5 million people.
Workers and their employers would each pay premiums of 1.9% of salary, to a maximum of $1,643 a year and the maximum annual pension payout would be 15% of an employees salary maxing out at $12,815.
Starting January 1, 2017, companies with 500 or more employees will begin contributing, 2018 for medium-sized firms (50-499 employees) and 2019 for smaller companies.
Have we entered a “Nanny State” of governing in Ontario?
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