Happy Monday!
This week in The Hill Times, the Spin Doctors were asked to opine on whether MP pensions are in need of reform. Here’s what I have to say.
Do you think MPs’ pensions should be reviewed and cut back?
It’s definitely time for Parliament to start examining options for MP pension reform, in order to bring them more into line with pension norms for other Canadians. It’s only fair: MPs are in a position to make maximum RRSP contributions, and receive multiple other benefits by virtue of their positions. The Greens would also examine pushing back the eligibility to age 65, thus reducing the potential for double-dipping. We must strike an appropriate balance between providing compensation sufficient to attract high-quality MPs, and providing equity between Canadian workers.
But pensions are only a small piece of the pie. Green leader Elizabeth May has also called for greater financial accountability from our elected representatives in other areas. For example, Ms. May is the only MP who has agreed to publish all of her expense for public scrutiny. She has also suggested capping MPs’ current base salary of $157,731 in order to accommodate more seats in the House of Commons without increasing the total budget line for MP salaries.
What’s more important, however, is ensuring each and every Canadian has an adequate income after retirement. We urgently need a pension system that will keep the elderly out of poverty, require minimum additional contributions, and have low administrative and investment costs. The Greens have also called for an enhancement of the Canada Pension Plan by phasing in the doubling of the target income replacement rate from 25% to 50% of income received during working years.
Scridb filter