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While this new piece of legislation has been introduced it is yet to be voted on by our MPP's.
Bill 56: Ontario Retirement Pension Plan
This bill establishes the framework for the introduction of the Ontario Retirement Pension Plan, or ORPP, starting
in 2017. The ORPP is a “universal” pension plan, similar in nature to the Canada Pension Plan. All employees in Ontario must participate in the ORPP, unless the employer has established a comparable workplace pension plan. Employees will contribute
1.9% of earnings up to an annual limit ($90,000 in 2017), with a matching employer contribution. The objective is to provide the individual with an annual retirement benefit at age 65 equal to 15% of the average of the employee’s pensionable earnings.
The ORPP is to be administered by an arms-length government agency.