Finance Minister Jim Flaherty he worries increased premiums will stop job growth

Finance Minister Flaherty says no to pension contribution increase

While seniors and organizations supported mandatory pensions and increases in the Canada Pension, Jim Flaherty is not ready to increase premiums.

“If we were to put an a more onerous burden on employers and employees in terms of contribution to pension plans, that might have a damaging effect on on job creation,” Finance Minister Jim Flaherty told CTV.

Pension analysts have long recommended increases in the Canada Pension. They say the CP cannot support the retirement burden of baby boomers who are expected to swell retirement ranks by 20%.

Canadians may be asking if the Pension Town Halls are valuable if the Minister claims he is listening then rules out reforms after the first meeting. (Video follows the break)

Video clip copyright CTV News.