Thursday, February 12, 2015

Aurora Chamber Updates from Judy Marshall, CEO - February 2015

ONTARIO RETIREMENT PENSION PLAN - PART ONE

There has been a lot of discussion at local and provincial chambers about the proposed Ontario Retirement Pension Plan (ORPP) introduced by the Ontario government in December 2014, with plans to establish it in 2017. Both employers and employees will be required to contribute 1.9 percent of wages to a maximum of $90,000 unless they have a “comparable plan” in place. A “comparable plan” has not been defined. This is concern for some of the Chamber’s membership, especially those involved with financial planning or members who are already contributing to a workplace savings plan. Contributions by the employer and employee would be mandatory and would be in addition to the Canadian Pension Plan (CPP) premiums.

The government will also introduce legislation on Pooled Registered Pension Plans (PRPPs) in 2014. These are a new form of tax-assisted individual retirement plans for workers without employer-sponsored pension plans.

The Ontario Chamber of Commerce (OCC) conducted a survey and found that 72 percent of members feel that pension reform should be a provincial priority and 86 percent of members supported PRPPs that would be managed by regulated financial service providers. Only 23 percent said they could afford additional employers premiums.

If you would like additional information, the OCC and the Certified General Accountants of Ontario (CGA Ontario) partnered to consult with employers on these proposals. Read the report on this consultation that will provide you with additional information.

The Ontario Government has a document available on-line entitled Ontario Retirement Plan:Key Design Questions.

The Aurora Chamber is concerned about the impact the ORPP could have on small business. What do you think?

CHAMBER CONNECTION MAGAZINE
Watch for a big change coming with the spring 2015 issue. We would really appreciate your feedback. Some adverting is still available in this issue. Please contact Lorie Butkus-Hill at 905-727-7262 Ext. 22 or l.butkushill@aurorachamber.on.ca for amazing Annual Value Package deals.

THE CYCLE OF CHANGE
As a membership association, the Chamber is always looking for new ways to provide you, the members with value-added services and supports. Plans are being made to increase the educational opportunities to help you become an even better employee or employer. For example, late last year we met with a human resources firm that will be offering workshops this spring and fall to cover topics such as employee retention, conflict resolution, employment laws related to hiring and releasing staff, Ontario mandatory health and safety training and other subjects as identified by members. Do you have a topic related to human resources that you would like to learn more about? Let us know and we will try our best to fit them in.


The Chamber recently consulted with a small group of members to ask for their input and advice and to brainstorm ideas. The Chamber has been sending reports back to this group and will send the final report to all members in early March with a request for your input. We will listen and react to as many ideas as we can over the next few years. This is important information for the Chamber board and staff as we plan for the next few years and well into the future. We need your help!

Judy Marshall, CEO
Aurora Chamber of Commerce
905-727-7262 Ext. 33