Generations of young workers will benefit from new reforms to the Canadian Pension Plan. These changes will happen in two phases with a rise in contribution rates being seen in each phase. The reformations should be fully in place by 2065. Employers will be affected differently with varying contributions depending on if they are in the private or public sector. It will essentially be a better package than is available to the current retiring baby boomers.

“Higher premiums to fund it began this month. Once fully phased in almost half a century from now, CPP will replace 33.33 per cent of the average worker’s lifetime earnings to a higher pensionable earnings limit of $65,400 (rounded down, 2019 dollars.)”

Read more: https://business.financialpost.com/personal-finance/everything-you-need-to-know-about-the-enhanced-cpp-from-how-much-youll-pay-to-how-much-youll-get