Mr. Speaker, congratulations on your selection as Speaker. We hope all members of the House will co-operate with you. I know you are doing a very fine job with it.
I am from the Miramichi. This is my first speech since the new Parliament began. Today we in the Miramichi have heard of the resignation of our premier. His absence from New Brunswick and the political scene in Canada is certainly going to be a great loss for all of us as Canadians. I want to pay tribute to the many years that Frank spent, some 15 years, representing Miramichi, and for the past 10 years as premier of the province of New Brunswick.
Over that period of time he had to exert a good deal of effort looking at the pension funds in the province of New Brunswick and trying to find some solutions to their funding for future generations.
Today as we consider the Canada pension plan, my constituents and Canadians in general would be shocked to hear some of the statements that are being made by members opposite. I have heard very few complaints about the plan not being effective. I have heard very few concerns about people not wanting to participate in the plan. It is looked upon as a very important part of that great income security system that the Liberal Party and Liberal governments have made for this country over the past several generations.
Today in Canada there are approximately five million Canadians who in one way or another are receiving payments from the Canada pension plan. We have approximately 3.7 million plus another 1.2 million under the Quebec pension plan. Of that group some 2.4 million Canadians and 800,000 under the Quebec plan are receiving retirement benefits. In the disability portion of the plan we have some 300,000 Canadians in other provinces along with another 50,000 people in the province of Quebec.
It is a good plan. However, in the next few years the plan will need more money to support future Canadians as they require the benefits from it.
When I hear of the demands of the opposition that we should move away from a Canada pension plan and toward a system of RRSPs I have to remind the House that RRSPs do not have the great benefits that are shared by those who participate in the Canada pension plan.
Today contributions to the plan are some 5.85% shared by employees and employers. However, future contributions will eventually reach some 9.9% to be shared by those two groups.
The CPP does not only include retirement. It also includes a great number of other benefits to the Canadian people. Those who pay into the plan are protected against disability. Those who pay into the plan have their spouses protected in case of death or disability. Those who participate in the plan have their children protected until they either finish school or if they continue in school, until they are 25 years of age.
This plan is essential and is regarded as being essential by most Canadians. It is a form of income security. There is a basic understanding among the Canadian workforce that workers will be able to receive benefits if they become sick for an extended period of time, if they become injured and they cannot work or if they eventually are not able to participate for other given reasons.
It is very important for us to share in the great benefits the economy of this nation has. We must make sure as members of Parliament that we indicate to Canadians that we are willing to participate in a program where all Canadians can share in the benefits of our country.
We know there are private plans out there. When the committee looks at the Canada pension plan bill it realizes that it has to look at some of the concerns that are being expressed here today.
The member for Saint John, for example, recommended that we should look in terms of maybe trying to reduce income tax as we increase Canada pension benefits. Certainly this might be a fact that could be considered by our Minister of Finance.
We might also look at how various calculations are made. It is certainly important that we look at how the plan will affect us in the future and how the calculations will try to make sure that we get the optimum level of interest in terms of where that plan is invested.
I think it is good that we are moving away from the system whereby the funds were available to the provinces at very low interest rates. It certainly will give a better return to the investment. We have an investment of nearly $40 billion and probably through a better system of investing on the open market the plan can gain more money for future people involved with Canada pensions.
I would hope, in terms of the eventual outcome, as it goes to committee we can look at the many suggestions that are being made to the House today, that we will eventually come up with a good system by which all Canadians can participate and by which all of us, in terms of being members of this Parliament, can ensure that Canadians are guaranteed a safe and secure pension plan that will apply to all workers in the country.