Mr. Speaker, it is my pleasure to continue to speak on a motion that calls for an incremental increase and an improvement to our CPP. Despite the arguments we heard earlier from across the aisle, we know this is common sense, backed by sound economic arguments.
I want to make clear today what we are proposing. We are proposing to gradually phase in an increase in CPP and QPP benefits, not the shock and awe that my friends over the aisle would like us to believe. It is also a position that is supported by economists, bankers, actuaries and all kinds of people.
We think the GIS needs to lift low-income seniors out of poverty.
We absolutely believe the age of eligibility needs to go back to 65. It is my understanding that we are the only party to have that position, which is a good position. It does not mean people have to retire. Rather it means that if they can no longer work beyond age 65, they will have that social assurance.
We need to tighten up legislation to protect the pensions of workers when a company is facing bankruptcy, leaving the country, being sold or undergoing corporate restructuring.
I do not know about my colleagues across the way, but I deal with this last point constantly in my riding. It comes up over and over again when people are so worried about the future of their pensions.
We also hear a lot from the other side about how the NDP does not know what it is talking about when it comes to the economy. The NDP knows how the economy works. We have members of Parliament sitting on this side who have managed portfolios, who have dealt with money in the billions of dollars in other parts of their lives and who are experienced parliamentarians.
I am beginning to wonder about the economic argument or ability of my colleagues across the aisle. I will quote some statistics released today. The government across the way is not prone to listening to experts. Nor is it prone to listening to sound research or making decisions based on that research.
Today, Statistics Canada stated that the CPP grew at a rate of 13.7%. Do people have pension funds or retirement savings that they are handling on their own that can give them that kind of return? I would say categorically no. Right now when people put their money into the bank, they are lucky to get 1%.
During that same time period, individual registered savings plans grew by 8%. That is a difference of 5.7%.
We on this side of the House understand economies of scale. When we have larger amounts of money to invest, we benefit from those economies of scale. We understand that. We want to know what the barrier is that is preventing my colleagues who sit across the way from understanding those very simple numbers.
The Globe and Mail has also noted that when we look at a long-term trend, and we all like trends, especially ones that go in the right direction, we have a good news story. Our good news story is our Canada pension plan and its viability, which has been recognized worldwide by the OECD and others. The Canada Pension Plan Investment Board, not the NDP, has provided remarkable returns in virtually every year except the one year after the economic downturn of 2008. Over the last 10 years—