The Tyee interviewed UBC economist Kevin Milligan for a story on post-work plans for several Vancouver workers.
Milligan found middle-income earners who made an average of $50,000 per year over their careers would currently get about $12,500 from the Canadian Pension Plan. With the new program, that yearly payout will jump to $16,667.
Though higher CPP benefits may be welcome, workers still face a substantial decrease in income pay after they retire.
“People who don’t have a company-based plan, 40 per cent of them end up in retirement with too little retirement income to maintain their lifestyle,” Milligan said.
