Not clear if Ontario Retirement Pension Plan will apply to TFWs
A man looks over a brochure offering retirement savings options. (Ryan Remiorz / THE CANADIAN PRESS)
It's not clear yet whether temporary foreign agricultural workers will be involved in the proposed new Ontario Retirement Pension Plan (ORPP).
A Ministry of Finance official says temporary, seasonal, part-time and contract workers will generally be required to participate in the plan if they do not participate in a comparable workplace pension plan.
However, the government says it is continuing to examine unique workplace arrangements.
The bill to create the ORPP received approval at Queen’s Park in April.
It will only apply to employees and employers who aren’t already enrolled in a comparable pension plan – meaning defined benefit plans with a minimum benefit accrual rate of 0.5 per cent, or defined contribution plans with a minimum annual contribution rate of eight per cent and employers matching at least 50 per cent.
Self-employed people cannot take part.
The province plans to phase in the ORPP, with companies employing at least 500 people starting in 2017.
Contributions will be phased in over five years, with benefits paid out starting in 2022.
With files from CTV Kitchener