HLTHAGE 1BB3 Lecture Notes - Lecture 13: Canada Pension Plan, Tax Bracket, Deferral
31 May 2016
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Situation: people worked until they died or an older worker passing off responsibilities to younger worker. Retirement system: maintenance contract from father to sons in a contract. Include the care of the elder, family"s responsibility of elders. Urbanization, assembly line production, concerns with efficiency de-skilling of the workforce, mandatory retirement, and high job turnover: workplace hierarchy, employer-based private pension plans, 1865:grand truck railway/canada national railway. Employer based private based pension plan incentive to keep older workers. Keep them with companies, as a younger person you would give some of your wage toward this, when retired you would get it all back. First government attempt to institution a pension system. Personal saving investment plan that was administered by the government. Plan was designed for younger workers to encourage retirement savings. Problem was that wages were low and these were younger workers that didn"t have enough money to put aside.
