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The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada's public retirement income system, the other being Old Age Security (OAS).
The Old Age Security (OAS, French: Sécurité de la vieillesse) program is a universal retirement pension available to most residents and citizens of Canada who have reached 65 years old. This pension is supplemented by the Guaranteed Income Supplement (GIS), which is added to the monthly OAS payment for seniors with lower incomes.
The Canada Pension Plan (CPP) forms the backbone of Canada's national retirement income system. All those employed aged 18 or older (and their employers) must contribute a portion of their income (matched by their employers) into the CPP or, for Quebec residents, the Quebec Pension Plan (QPP).
Most Canadian seniors are eligible for Old Age Security, a taxable monthly social security payment. In addition, most former workers can receive Canada Pension Plan or Quebec Pension Plan benefits based on their contributions during their careers.
Discussions revolve around the sustainability of pension plans, the adequacy of retirement savings, and the need for financial security in old age. Governments explore innovative models, such as phased retirement and pension reforms, to ensure that seniors can maintain a decent standard of living during their retirement years.
Canada Pension Plan; Old Age Security; Quebec Pension Plan; Registered retirement savings plan; Saskatchewan Pension Plan; Finland – Kansaneläkelaitos; France: 2023 French pension reform unrest. Pensions in France; Allocation de Solidarité aux Personnes Agées; Pensions Reserve Fund (France) Hong Kong: [3] Mandatory Provident Fund (MPF Schemes)
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. [2]
This is unlike Social Security Disability in the United States which is a federally funded program under the umbrella of an Old Age Pension but provides similar benefits — regardless of the state of residence. The ODSP is defined by provincial legislation, the ODSP Act, and its supporting regulations. [5] It is managed through policy ...