Half of the baby boomer retirees will be in for a financial shock because their standard of living will be dropping by 25 per cent. That warning delivered to the New Brunswick Federation of Labour by Hassan Yussuff, President of the Canadian Labour Congress.
Yussuff says the average C-P-P benefit is just over 500 dollars a month. The C-L-C is calling for a doubling of the C-P-P and will be launching a campaign on pensions after Labour Day.
Yussuff is also attacking the Harper Government for extending the eligibility for Old Age Security from 65 to 67, claiming it will cost each senior 6 thousand dollars. He points out the Parliamentary Budget Office has conceded there’s no economic justification for doing it.
