Our research, which uses the econometric model from the University of Toronto, shows that every 1% increase in Canada Pension Plan contributions would kill 220,000 person-years of employment. That's for a 1% increase in the Canada Pension Plan.
Now, there are benefits down the road. The other piece that wasn't said about the CPP doubling plan is that it would actually be phased in over 40 years, so it wouldn't actually benefit anybody even close to retirement today. But the fact is that a CPP premium increase would be an absolute job killer. Our members are not sitting on safes of money that they can just crack open to put into this money. If they do put money into a PRPP, it will be because they are desperately trying to hang on to staff; they want to do the right thing and they're trying to find the best possible tool to allow them to save for their own and for their employees' retirement. But it's not going to be easy for them to do it, and it's going to take some time.
I want to make one point.