The Government of Ontario has released additional details about the Ontario Retirement Pension Plan (the “ORPP”), which is being introduced to assist individuals with retirement savings. The ORPP will not apply to individuals that currently receive a “comparable workplace pension plan”. The Government has defined what will be considered a comparable plan. The ORPP will be funded by equal contributions by employers and employees. The contributions will be phased in with the goal that every employee in Ontario will be part of the ORPP or a comparable plan by 2020.
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