Elizabeth May: Mr. Speaker, as this is the first time I have been able to take the floor in today’s opposition day motion, I want to begin by thanking the hon. member for Victoria—my neighbouring riding—a neighbour and an old friend, for an excellent opportunity.
I fully support his motion. It is critical we address CPP. It is the most reliable. It is the very best way in which we can protect and think ahead to the pension benefits that Canadians will need.
I want to ask the member opposite, the member for Calgary Northeast, this question. I think it is quite telling that in today’s Globe and Mail, the editorial says that the current administration has made a terrible error in rejecting calls to open up discussions for increasing CPP. This is the same newspaper whose editorial policy endorsed the Conservative leader in the last election. This is the newspaper that in editorial stance represents, may I say quite generally, a pro-business, fiscally responsible approach. There are very many voices across the country calling for an increase in CPP. The question is whether the Conservatives will listen.
Devinder Shory: Mr. Speaker, I would remind the member that in 2012, the most recent review of the CPP confirmed that it is sustainable at the current contribution rate of 9.9% and it is sustainable for at least 75 years.
The member opposite is well aware that the global economic environment remains fragile. She also knows that global growth has been weaker than expected, with growth in advanced economies stabilizing at a relatively slow pace, while growth in emerging markets has slowed. In light of so many factors, it is not surprising that the International Monetary Fund recently revised downward its outlook for real GDP growth in both advanced and emerging economies.
Coming back to my consultations with my constituents, this is what Daljit Randhawa, from Best Buy Furniture, had to say:
Currently, we have 16 employees, so an increase of $1,130 per employee would mean an additional $17,600 in payroll costs for our business.
I will share this also. In my own law firm, the first thing my partner does is ask my wife, Neetu Shory, to look into how much it would actually cost to hire another employee in our law firm. That is the basis for new employees.