Hon. Mitzie Hunter, Associate Minister of Finance, answers a question regarding “Ontario Retirement Pension Plan” on June 2, 2015….(read more)

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On June 2, 2015, Mitzie Hunter, the Associate Minister of Finance for Ontario, answered questions about the Ontario Retirement Pension Plan (ORPP), a new plan aimed at helping Ontarians save for retirement.

The ORPP will require both employees and employers to contribute a portion of their salaries to a pension plan, with the goal of providing a steady income for individuals during retirement. The plan is set to begin implementation in 2017 for large employers, and in 2018 for small employers.

In her responses to questions, Hunter emphasized the importance of the ORPP for Ontarians, citing statistics that show that many individuals are not adequately saving for retirement. She also stated that the ORPP is a necessary supplement to the existing government-provided retirement benefits, such as Old Age Security and the Canada Pension Plan.

Some concerns were raised about the potential impact of the ORPP on small businesses, with some individuals worried that it would be difficult or costly for smaller companies to comply with the new requirements. However, Hunter pointed out that there will be exemptions for certain types of businesses, such as those with a low number of employees.

Throughout the question and answer session, Hunter emphasized the government’s commitment to making the ORPP a fair and accessible program for all Ontarians. She also stated that the program will be subject to ongoing review and evaluation to ensure its effectiveness and responsiveness to the needs of Ontarians.

Overall, Mitzie Hunter’s answers highlighted the importance of the ORPP for individuals’ future financial security, and the government’s commitment to making the program accessible and effective for all. While there may be some challenges in implementing the program, Hunter suggested that the benefits of the ORPP will be worth the effort.