Ontario pension plan details announced

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If you’re between 45 to 54, there’s a good chance you have a pension through work, but if you’re just starting out in the work force you already know pensions are hard to come by these days. Today the province outlined more details on its controversial Ontario Retirement Pension Plan.

The plan would exclude businesses who’s pre-existing pension plans meet the province’s minimum requirements. Those employers who don’t meet the threshold would start making contributions as early as January 2017.

Large companies would start in 2017, medium sized companies in 2018 and small companies with less than 50 employees would start in 2019.

Contributions from employees and employers would start at 0.8% each, based on the employees yearly income. The contributions for each would increase to 1.9% in 3 years.

Payments could start being paid out in 2022