Strengthening the Plan to Promote Greater Intergenerational Fairness
For over 50 years, the Québec Pension Plan has evolved along with Québec society by adapting to its socioeconomic and demographic environment. Québec workers can count on a solid plan.
Even though the Plan's current financial situation is sound, it should be strengthened for future generations. The Plan is constantly subject to various pressures and influenced by its environment. The following factors will create challenges for the Plan:
- increasing life expectancy
- a changing labour market, particularly labour availability and salaries
- need to maintain stable funding.
The 2017 public consultation is based on 3 main principles:
- intergenerational fairness
- Plan sustainability through a stable contribution rate
- workers' and businesses' ability to pay.
The Plan's future concerns everyone, contributors and beneficiaries in particular. The consultation addresses 2 main themes: enhancing the Québec Pension Plan and strengthening its sustainability, with controlling the contribution rate a necessary goal.
The Québec Pension Plan must be adapted to ensure a high-powered public plan for Quebeckers that will continue to meet their needs and respect intergenerational fairness. Organizations, groups and individuals were invited to participate in a shared discussion and to comment on the proposed improvements and measures to protect future generations of retirees and to strengthen the sustainability of the Plan.
The Committee on Public Finance held special consultations and public hearings from 17 to 20 January 2017. More than 40 briefs were tabled in the parliamentary committee.
Mr. Carlos J. Leitão, Minister of Finance and Minister responsible for Retraite Québec, invited the public to participate in an online questionnaire further to the public consultation. Over 4000 people completed the questionnaire, which was online from 24 April to 24 May 2017. The Minister wishes to express his gratitude for their participation.