Madam Speaker, I recognize that, as he did. We spoke to many Canadians who were concerned about their retirement outcomes. That led us to do a number of things that we think are going to have a positive impact.
First and foremost, we recognize that many seniors who are single are living in difficult situations. We took that into account when we decided to increase the guaranteed income supplement by 10%, impacting those single seniors by up to $947 and having a very positive impact on outcomes for a challenged group.
Then we looked at how we could deal with the Canada pension plan in a way that recognized some key principles. We wanted to recognize that the impact of a change to pension plans is a long-term, secular one, with declining participation, so we should be thinking about this issue in a long-term way to ensure that we help people who are going to be in a more difficult situation in the future. That long-term approach will also enable us to fully fund this advantage, which we feel is fiscally responsible.
We recognize that it will help people who are in the workforce today to save enough for the future and to do it in a responsible way that helps us have a better economic outcome for the economy and a better outcome for them over the long term.