Canadian pension system: Problems and reform
LE3 .A278 2011
Bachelor of Arts
Under the great pressure of the aging population and the recent recession, Canadians are facing a national pension crisis. The pension issue has increasingly become one of the hot topics of concern in the government, the public and academia. This paper provides a thorough examination of the current Canadian public pension system. It discusses in detail the major programs and benefits in the three-pillar pension system. Using the existing literature on particular issues regarding the pension system (i.e. pension coverage, replacement rate, contributions, etc.), I provide an overall discussion of the pension system in Canada and the challenges faced by the future retirees. Problems are explained in demographic, economic and administrative perspectives. This paper also infers two possible solutions for pension reform: one is to improve the system by fixing the current one and the other is to innovate by carrying out a new program. These proposals, Vertical Expansion of the CPP (VEC) and Canada Supplementary Pension Plan (CSPP), are explained and compared in this paper. Finally, pension facts and strategic reform response in Nova Scotia are presented.
The author grants permission to the University Librarian at Acadia University to reproduce, loan or distribute copies of my thesis in microform, paper or electronic formats on a non-profit basis. The author retains the copyright of the thesis.