When it comes to replacing income in retirement, Canada lags about 10 per cent behind the average replacement rate for workers “across Organisation for Economic Co-operation and Development countries,” reports Benefits Canada.
According to new data, the average replacement rate for workers in OECD countries will be about 63 per cent, while in Canada the rate “will reach 53 per cent as a result of the various pension reforms the country is undertaking.”
The report “placed Canada among the most active member countries in terms of pension reforms over the last two years, alongside the Czech Republic, Finland, Greece and Poland. Canada’s policy changes, it noted, include a plan to boost the CPP starting in 2019, maintaining the age of eligibility for old-age security at 65 and increasing the guaranteed income supplement for the lowest-income single seniors,” reports Benefits Canada.
More: report calls for more reforms.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions

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