Yes, I will be glad to.
We submitted a brief on that issue to the committee. We specifically address the income replacement rates in Canada compared to the other countries of the OECD. Canada is not the worst, but is not the best. We used an analysis from the D'Amours report. The analysis showed that, in terms of old age security, the replacement rate has been going down over the years while the Québec Pension Plan and the Canada Pension Plan continue to follow salaries. Each year, the maximum eligible earnings increase is commensurate with the average salary, meaning as salaries increase.
We point this out, because the old age security already replaces income at a rate that does not vary from person to person. The higher your salary, the less the old age security is going to help you when you retire, on a proportional basis.
We are of the opinion that the way old age security is indexed should be improved, at very least to avoid any impact from increasing salaries, which are going up faster than the consumer price index, the CPI.