The supplementary plan is better than nothing. It's better to have a supplementary plan than no action whatsoever regarding CPP and public pensions, but I think that we already have CPP and QPP programs that Canadians know about. The programs work, but they are relatively modest by international standards. There are different ways to increase the contributions and benefits. It could be the replacement rate, it could be a YMPE increase, or it could be both. I think it's just a more straightforward and probably more effective way to improve long-term retirement security for Canadians.
I believe in simply improving what we already have instead of creating something on the top. We already have a lot of supplementary options for Canadians. There are RRSPs, which are voluntary, obviously, and there are private pensions, but coverage is limited. Some people are not covered. The good thing about CPP and QPP is that all workers contribute and participate. I think it's a program that could be expanded.
I'm not saying we should necessarily double the replacement rate. Even an increase from a 25% to a 30% replacement rate or in the YMPE will be a significant increase and way above the average wage. That could help a lot of people who don't save enough for retirement. Again, it's not just about low-income people; in that case it's really the middle class.