Quote:
Originally Posted by Dentoman
WRT CPP, in my time in the work force, the max CPP contribution has gone from $850 to $2200 .... trust me, your generation will get CPP, you and your employer will just have to pay for it (although I thought I read somewhere that CPP was now sustainable, if that is the case ..... you're welcome  ) |
CPP is now sustainable because those of just entering the workforce are paying enough to:
1) Fund our own benefits
2) Fund the benefits for those before use who undercontributed to their own benefits
If you were working before they made that change, you didn't cover the cost, and my generation is making it up.
As to the person upthread who was indignent about claiming his CPP. Sure you should claim it. Individually it's not your fault the system is screwed up. It's that generations collective fault. It would have been politically impossible to make the change when the baby boomers were in their prime earning years, before they started thinking about retirement. Once baby boomers started to retire, the contribution rates got jacked up so the young could pay for their indexed pensions.