Canadian Pension System Analysis
Added on 2020-05-11
14 Pages4305 Words190 Views
|
|
|
Running head: CRITICAL REVIEW OF A POLICY DOCUMENT Critical Review of a policy document Name of the studentName of the UniversityAuthor Note
1CRITICAL REVIEW OF A POLICY DOCUMENTCritical Review of a Policy DocumentBuilding Retirement SecurityIntroductionThis critical analysis of a Canadian Policy Document was based on a varied collection of data gathered from many resources through research. Andonov (2017) stated that the Ontario Budget 2015 had taken the steps for building the retirement security deserved by the workers, also supporting the long-term development of the economy. This will be outlining the evaluation in association with the power as well as privilege and the constructs that will be used regarding the evaluation i.e. race, gender, ethnicity, class as well as globalization. Personal PerspectiveI am Asian/Sri-Lankan married woman have worked in different environments has given me an opportunity to contribute to the Canada Pension Plan. However, the contribution of the organization I worked made different contributions according to my position within the salary scale (Anon, 2017). My social identity will be covering the broader issues regarding social identity, and specifically, my identity as a Canadian will be having a sense of belonging towards national, ethnic, geographical as well as cultural groups and towards the local, regional as well asnational establishments. SummaryThe Ontario Retirement Pension Plan Act will be delivering on the commitment of the government to strengthen the retirement security in respect of more than four million young and old Ontario workers. Some of these workers do not have accessibility to a sufficient workplace pension plan. The Act will protect essential legislation requirements regarding the plan, which
2CRITICAL REVIEW OF A POLICY DOCUMENTincludes participation, contributions, type of benefits as well as sustainability of the plan. The actwill be ensuring the employers, as well as employees throughout the province, have the required information in preparing with regard of getting implemented (Godbout, 2015).AnalysisAccording to Wang, (2014) the plan will be offering two advantages as in a retirement and a survivor benefit. The Ontario Retirement Pension Plan is designed for providing the plan members with a fifteen percent income replacement rate after forty years of plan contribution (Wang, 2014). The amount of money a person will be receiving from the Ontario Retirement Pension Plan before their retirement will depend on the number of years they contribute to the pension plan and their salary all through the years. Wang (2014) revealed that government designed the Ontario Retirement Pension Plan for being sustainable over the more extended period. This Act established the official funding rules for guiding the actions of the Ontario Retirement Pension Plan Administration Corporation as well as the government in respect of a shortfall or excess related with funding. For supporting the transparency also accountability toward sustainability regarding the plan. The government is committing doing the introduction of legislation that would be doing the establishment of an Office of the Chief Actuary. This office will be providing the government and the Ontario Retirement Pension Plan AdministrationCorporation with professional and fair advice plus guidance (Sorensen, 2016).Additionally, Trudel (2015) highlighted that the policy document will be establishing the compliance also enforcement structure regarding the Ontario Retirement Pension Plan Administration Corporation for encouraging the employers and plan members for complying with the Ontario Retirement Pension Plan legislation, addressing the concerns of non-complianceas well as creating a means for resolving the disputes (Trudel, 2015). Furthermore, the
3CRITICAL REVIEW OF A POLICY DOCUMENTcompliance and enforcement structure will be getting applied to every administration stage of theOntario Retirement Pension Plan, from the process of employer verification to the collection of contributions as well as the payment of benefits (Trudel, 2015). The Ontario Retirement Pension Plan Administration Corporation will have the permission to do the administering of fines. Employers who will not be successful in deducting or remitting contributions will be charged interest regarding late payments.The Government of Ontario is making plans for the introduction of the Ontario Retirement Pension Plan for supplementing the available federal benefits regarding retirement. Organizations with current “comparable” pensions will not be having the requisite for getting enrolled in the Ontario Retirement Pension Plan. According to Rose, (2016) enrolment will be considered being compulsory in respect of those not having a pension. Curtis, (2017) mentioned that organizations are offering a vast range of plans for supporting their employees save in respect of retirement. There are primarily two general kinds of pension plans such as defined benefit (DB) plans as well as defined contributions (DC) plans. The challenge in respect of government, retirement providers, employers as well as individuals is arriving at a solution that will be lifting the prospects regarding retirement. In respect of the government, it should be ensuring the continuity to make sure the sustainability of the Old Age Security (OAS), Guaranteed Income Supplement (GIS), Canada Pension Plan (CPP)as well as Quebec Pension Plan (QPP) programs are the foundation of the retirement method. Veall, (2014) stated they could be adjusting for responding to the shifts in the demography. Furthermore, seeking answers will assist the population segments that are running the threat of poverty in retirement as well as addressing the policies that will be reducing the attractiveness of retirement savings in respect of numerous Canadian individuals. To avoid risk, solutions are
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents