Mr. Speaker, it is a pleasure to rise here today to speak to the bill.
To refresh us on what the bill would do, I would like to quote a few words from the member from Toronto who proposed it.
In broad strokes, the bill would create substantive, justifiable rights relating to retirement income, give every person a chance to accumulate retirement income, promote good plan administration, and set out in law that pension reform goals to which we aspire legislatively.
This bill, in a few short steps, would improve people's financial retirement.
For a lot of people, retirement takes years of planning. Those who start working in their mid-20s to mid-30s are not always thinking about retirement. Thirty years or 25 years is a long way away. A lot of factors can go into what may happen to one's retirement savings over that 30 years. We only need to look back at the last 10 years to see what happened when the markets collapsed and people's retirement savings vanished overnight, making them have to work longer. One never knows what might happen to one's retirement savings. It has taken at least the last five to six years to get back to where their savings were almost 15 years ago.
Wherever I have travelled in my riding over the last little while, the number one issue I have heard from seniors has been how they are struggling in their day-to-day operations trying to survive on the little bit of pension income they have. The cost of living is going up. The cost of a quart of milk has gone up over the last little while. This impacts many seniors. There are a lot of seniors out there who are going to the malls to get warm, which is a shame. When one gets to that age in life, one should be able to retire in dignity and with respect.
I hear it everywhere I go. A lot of seniors are finding it very hard. A lot of them will admit that they did not think of retirement planning for the last 30 years. We have to make sure that these things are there so that people have the retirement savings they need.
People refer to some of the programs we have in place now, such as the guaranteed income supplement, or GIS, the Canada pension plan, and old age security. As the member for Cape Breton—Canso mentioned, when we look at the sum of those plans, it is only in the range of $27,000 a year. With the cost of everything going up, and as people are getting older and living longer, their needs become greater. When they get to a stage where they need care and help, it is costly.
My mother is 82 years old. It is not easy living alone in a home one has lived in one's entire life. When property tax goes up by a small increment, it can really cash-strap a lot of our seniors. When they get into a home or alternate living, it is not cheap. It costs of a lot of money. A lot of people at that age are spending every nickel on it. They have no money left over to share with their grandchildren, family, and friends.
We need people to be thinking about this. We need to make sure that people are guaranteed an honourable retirement. All this bill is doing is proposing a bill of rights for retirees and seniors to make sure that they have the funds to live out retirement with dignity.
Getting back to the GIS and the CPP, one of the things I hear most, and what really gets me going, is that the government will say that it has given a little increase in the CPP. It gives this increase to the CPP; people receive it in January. They have their increase in their CPP, and it is not a whole lot, but it is a little. It is not enough to cover the cost of a carton of milk. However, by the time June comes around and they get reassessed, they are clawed back on their GIS. Therefore, they are no further ahead, at all, on any increase in the CPP. It is clawed back through their GIS.
Seniors, retirees and people in the House cannot understand why the government would claw back their GIS. It gives it on one hand and takes it away on the other. I hear it every June, without fail, from people who call our offices and complain that their GIS, their income supplement, has been decreased because they were lucky enough to get a little more on their CPP in January. It is very frustrating.
Much like where we have a number of bills of rights and charters for our veterans, we need to have this bill of rights for our seniors and for retirement.
It is a pleasure to support the bill. I know the member has been an advocate for seniors and pension plans for a number of years now. She has seen what has happened when people's retirement incomes have slipped away through no fault of their own, or through businesses that collapse and pension funds are in jeopardy. I know there were some references made to Nortel.
Bill C-513will help try to preserve that and make sure it gives seniors every tool they need to remain happy in their senior years.
I would like to close by quoting this one the member put together. Basically, it says that is she had to summarize the bill in 50 words or less, she would say it is about “choice, fairness and flexibility”. She goes on:
It is not about tearing down pensions; it is about elevating everyone to the same level. Every Canadian should have the right to a financially secure retirement and I believe this proposal sets the stage for that to become a reality.
That is what the bill is about, and it is a pleasure to support it.