OTTAWA (Reuters) - Canada’s federal and provincial financial ministers are considering not raising premiums for the Canada Pension Plan because of the state of the economy, federal Finance Minister Bill Morneau said on Monday.
The ministers hope to be able to come back to Canadians in a year with a proposal, possibly keeping the status quo, Morneau told reporters after meeting his provincial counterparts. The Canadian Federation of Independent Business says a premium hike would boost unemployment. The CPP is comparable to the U.S. Social Security program.
Reporting by Leah Schnurr and Randall Palmer; Editing by Richard Chang