The Ontario government says its new pension program will expand coverage to over four million workers, but Sarnia-Lambton's MPP believes it will have the opposite effect.
Bob Bailey says the Ontario Retirement Pension Plan Act (ORPP), passed in the legislature Thursday, could be devastating for businesses.
The ORPP would require businesses and employees to contribute an equal amount, capped at 1.9 per cent each, on a workers annual earnings up to $90,000.
"The Chamber of Commerce and other companies have told us that even the government's own estimates have said it has the potential to kill over 54,000 jobs per year," says Bailey.
"A number of people in business have told us if they're forced to go through with this, they might have to reduce their employees by one person to make these payments."
The Conference Board of Canada has said the ORPP will add billions of dollars to Ontario's economy in the long-term.
However, Bailey says the program will hinder the federal government's ability to expand the Canadian pension plan.
