Mr. Speaker, I want to thank the hon. member for giving me the opportunity to speak to this issue.
The NDP plan is quite simple. It aims to double Canada pension plan benefits with minimal increases to the contributions. We are generally talking about an increase of 0.43% in employer contributions and 0.43% in employee contributions over seven years. A former chief actuary of the Canada pension plan said that from an actuarial point of view, it was a good solution and it could double the benefits with minimum impact on the private sector and employees.
I have heard the arguments that the Canadian Federation of Independent Business has made repeatedly. The arguments are quite interesting, but not very logical. We are talking about an increase for the employee of 9 cents an hour a year for seven years. That is not a lot. That amounts to a $3.47 increase a week for seven years. Even for a small business, that is not a lot.
The Canadian Federation of Independent Business fails to mention the economic spinoffs of this measure. If Canada pension plan and Quebec pension plan benefits were doubled, the money would be reinvested in the economy. The little money the businesses would pay to improve the benefits would be reinvested in those same businesses. There could be economic growth that would strengthen the businesses, including small and medium-sized businesses. In that sense, it is the best solution for the economy and for retirees.