Thank you very much. I will make this brief, as I know you've all had a hard day.
This bill proposes amendments to the Canada pension plan consistent with the agreement in principle reached unanimously by Canada’s finance ministers in December 2017. The changes eliminate the pension reductions for young survivors and fixes the amount of the death benefit at $2,500 for all eligible contributors, which will mainly benefit low- and moderate-income families who contribute.
What is more, the amendments provide for an additional benefit for disabled retirement pension beneficiaries under the age of 65. The bill also implements a disability drop-in and a child-rearing drop-in to protect pension amounts under the CPP enhancement for individuals who are disabled and parents with lower earnings during child-rearing years.
In addition, this bill also maintains portability between the CPP and the Quebec pension plan, following the enhancement of the latter. It also authorizes the making of regulations to support the sustainability of the CPP enhancement.
These amendments will provide additional support to Canadians and their families and will be especially beneficial to women, as they are more likely to reduce work to care for young children, become widowed at a young age, or collect a disability pension. In addition, integrating the Canada pension plan and the Quebec pension plan enhancement ensures the full portability of the enhanced benefits across Canada for all workers.
As well, Canadians can rest assured that the fully funded enhanced CPP will remain well funded over time, providing them with benefits they can count on.
I am happy to take any questions.