Vaughan, ON, June 7, 2016
- Today, the Vaughan Chamber of Commerce together with the York Region Group of Chambers, and the Ontario Chamber of Commerce (OCC), held an Ontario Retirement Pension Plan (ORPP) information session with Associate Finance Minister Mitzie Hunter. The exclusive session with more than 20 businesses from various sectors across York Region was held at Vaughan Chamber member Mircom Group of Companies, North America's largest independent designer, manufacturer and distributor of intelligent building solutions. Local MPP and Transportation Minister Steven Del Duca was also in attendance.
The session provided an opportunity for the Provincial government to raise awareness in York Region of its ORPP objectives, and enabled businesses to make recommendations about specific aspects of the plan. The chamber network has been actively involved in the ORPP file, having influenced a one-year implementation delay, expanded comparability rules and the public release of an economic impact analysis.
"We're pleased that Minister Hunter took the time to address business community issues regarding the process, timeline and implementation of the ORPP," said Brian Shifman, President & CEO of the Vaughan Chamber of Commerce. "We can appreciate the value of Ontarians saving more for retirement but we want to do so in a way that allows business to continue to grow and thrive in a challenging economic environment."
The Ontario government recently passed the Ontario Retirement Pension Plan Act, 2016 (Strengthening Retirement Security for Ontarians). Its economic plan to build the province up includes building a secure retirement savings plan and delivering on its number-one priority to grow the economy and create jobs. The first phase of ORPP implementation is scheduled for January 2018.
The Provincial government has indicated that the ORPP would expand coverage to more than 4 million Ontario workers, including 75 percent of younger workers, who do not have access to an adequate workplace pension plan.
"Our objective is to ensure that the ORPP does not weaken Ontario's economic recovery," said Karl Baldauf, Vice-President of Policy & Government Relations at the Ontario Chamber of Commerce. "The government projects that the ORPP will provide economic benefits to Ontario over the long-term. In the short-term, however, the plan will place new costs on employers at a time when their costs are already rising as a result of increasing electricity rates and weakened purchasing power."
The Vaughan Chamber of Commerce thanks the York Region Group of Chambers for their participation in the ORPP information session. The Group of Chambers represents the interests of York Region business, and advocates on their behalf. The group represents 5,000 business members and 9 local chambers including those from Vaughan, Markham, Richmond Hill, Newmarket, Aurora, Stouffville, King, Georgina, and East Gwillimbury.
The Vaughan Chamber of Commerce is the premier membership and networking association in Vaughan. The VCC proudly represents business from all sectors of the economy including large corporations and small-to-medium enterprises (SMEs). The VCC is a strong voice on public policy issues of importance to the local business community, such as infrastructure, transportation and opportunities for business growth.
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