In Quebec, 40% of people have a private pension plan.
The system is built on public plans, employer or private pension plans and personal savings. In that sense, the labour fund is an excellent vehicle for personal savings. Now if we do not increase contributions to public pension plans, such as the Canada Pension Plan and the Québec Pension Plan, which, today, are designed to replace approximately 25% of retirement income, many people will certainly be condemned to the poor house.
So, not only do we need to take action at that level, but we also need to have private pension plans that employers contribute to, not just workers. People are in debt up to their eyeballs. They don't save and end up living in poverty come retirement. In the long run, the economy suffers.