Ontario government passes legislation to create ORPP

first_imgIndustry applauds Sousa’s regulatory proposals Ontario to introduce ORPP legislation Ontario’s legislature has passed a bill to create the proposed provincial pension plan, the Ontario Retirement Pension Plan (ORPP), on Thursday, ahead of upcoming discussions between federal and provincial finance ministers on enhancing the Canada Pension Plan (CPP), which are scheduled to take place in Vancouver June 20-21. Finance ministers reach CPP agreement James Langton Keywords Ontario Retirement Pension Plan Related news The legislation establishes some of the central features of the ORPP, including participation requirements, contributions, benefit types and sustainability provisions. Further details will be set out in regulations, which are expected to be released this summer. Under the act, enrolment in the ORPP will start in January 2017 and the collection of contributions will begin Jan. 1, 2018. It requires every eligible worker between 18 and 70 in Ontario to belong to the ORPP, or a comparable workplace pension plan, by 2020. Employees and employers will each contribute 1.9% of an employee’s annual earnings up to $90,000 (2017 dollars). Benefit payments would begin in 2022, starting at age 65. The bill also establishes a compliance and enforcement framework to ensure that employers and plan members comply with the ORPP legislation, address issues of non-compliance (including fines for non-compliance) and to resolve disputes. “The ORPP is the most significant improvement in retirement security since the introduction of the Canada Pension Plan in 1966,” says Mitzie Hunter, associate minister of finance, in a statement. “This legislation will expand workplace pension access to more than four million Ontario workers, meaning greater security and confidence in retirement for current and future generations.” Despite the effort to create the ORPP, the provincial government maintains that it would prefer to reach an agreement with the other provinces and the feds on expanding the CPP. “Our main objective is to intensively look at ways to meet the goals of the ORPP through an enhanced CPP framework, while preserving our ability to implement the ORPP, should that not be possible,” says Charles Sousa, Ontario’s finance minister, in a statement. Photo copyright: uulgaa/123RF Nominating committee to recommend ORPP board members Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

Foxconn secures US HQ

first_img Diana is Mobile World Live’s US Editor, reporting on infrastructure and spectrum rollouts, regulatory issues, and other carrier news from the US market. Diana came to GSMA from her former role as Editor of Wireless Week and CED Magazine, digital-only… Read more Foxconn ventures into chips with new JV HomeAsiaNews Foxconn secures US HQ Author Taiwan-based electronics manufacturer Hon Hai Precision Technologies (Foxconn) closed the purchase of a new seven-story office building in Milwaukee, Wisconsin, it said will serve as its first North American headquarters.The move comes nearly a year after Foxconn announced plans to spend $10 billion over the course of four years on construction of a massive manufacturing facility in the state. At the time, the governor of Wisconsin announced the plant would be the only LCD production facility not located in Asia.Foxconn told Associated Press more than 500 people will work in the office, which is located 30 miles north of the site of the new factory. The office will also house an innovation centre where engineers will be able to develop new uses for the company’s display technology.When plans to purchase the building were announced in February, Louis Woo, special assistant to Foxconn CEO Terry Gou, said in a statement the deal would “create significant high-value job opportunities and an extensive supply chain supporting our project in Wisconsin.” He added the innovation centre housed in the office would “play an instrumental role in our commitment to create a vibrant 8K and 5G ecosystem in the United States”.Separately, the company launched a new international exchange programme with the University of Wisconsin-Milwaukee to introduce engineering students to LCD fabrication technologies and processes.Foxconn said the programme could eventually be expanded to other universities in the state and across the midwest. Diana Goovaerts AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 18 JUN 2018 Tags center_img Previous ArticleQualcomm, NXP deal still at a red lightNext ArticlePGA Tour tees up private LTE trials Related India earmarks $6B in handset production incentives Foxconn Devices Foxconn predicts continued gainslast_img read more

News / FTA says Treasury needs to bring forward ‘flexible furloughing’ to this month

first_imgID 96678949 © Pressmaster | Dreamstime.com The UK’s Freight Transport Association (FTA) has warned that unless the government creates a more flexible furlough scheme sooner, the sector could face a wave of redundancies when the economy begins to recover.FTA chief executive David Wells said today: “The furloughing scheme has been a lifeline for logistics businesses across the country, many of which have suffered a dramatic loss of all revenue, thanks to the shutdown in a number of sectors.“But as the economy starts to return to normality, it is vital that accommodating part-time work by furloughed staff is included, to enable our member organisations to increase their revenue streams and reduce their reliance on payments from government.”Currently, the Treasury plan is to introduce part-time working into furloughing at the end of August. But Mr Wells argues it should be brought in at the end of this month. “With limited work for the past two to three months, many businesses will be facing a significant break in their cash flow in June and July, and furloughing has been, and will continue to be, a vital part of maintaining businesses solvency.”He also claimed the minimum furlough period of three weeks should also be shortened to one week to provide additional flexibility for employers:“Currently, employers must fully furlough workers for three weeks before any payments can be made, and any break in this pattern returns workers to a three-week cycle.“This prevents operators from using furloughed employees on a part-time basis, and is hampering the full return to work by limiting the number of workers available for businesses to use.“We believe the three-week cycle should be reduced to a single week, to give additional flexibility to accommodate peaks and troughs in business as the economy recovers.”And Mr Wells argued that the government needed to provide further clarity on the terms of the withdrawal of furlough payments.“It is unclear whether or not business will need to start paying for the non-working time of furloughed workers, and whether a top-up payment will be required if the percentage of wages paid by government is reduced.“Furloughing was intended to avoid a tidal wave of redundancies, but if logistics businesses must pay an increasing proportion of furloughing costs, the economy could be faced with exactly that scenario,” he said.center_img By Gavin van Marle 21/05/2020last_img read more

Real estate braces for another tense night

first_img(Credit: Lev Radin/Pacific Press/LightRocket via Getty Images)New York’s real estate industry braced for another night of uncertainty Tuesday after high-profile instances of looting cast doubt on the city’s recovery.Protesters started gathering again in the afternoon ahead of the city’s moved-up 8 p.m. curfew as shop owners boarded up storefronts. The previous night, looters struck Soho, Midtown and the Fordham Road section of the Bronx, among other areas.Late Tuesday afternoon, the city announced it was banning vehicular traffic to Manhattan south of 96th Street except for essential workers.GFP Real Estate co-CEO Brian Steinwurtzel said the move should help prevent a repeat of the previous night’s mayhem.“From what I could tell, a lot of the looting was organized in a way that cars and vans were showing up to do it,” he said. “I think that will help elimane these groups’ ability to do that again.”ADVERTISEMENTVideos on social media showed cars being used to help loot stores in areas such as Soho, where shop owners spent the day assessing the damage from Monday night.In South Brooklyn, a group claiming to include more than 100 business owners and residents said it was gathering “armed with legal weapons, including baseball bats and more” to protect the community from looters.Steinwurtzel said he believed most of the activists protesting the death of George Floyd were doing so peacefully and that a small number of bad actors were stealing from stores. He added that he spent the day talking with residents, store owners and office tenants about their plans for the city’s reopening following the Covid-19 shutdown, and that the looting cast a dark shadow over what had been a sense of optimism.“I think things had been moving in a really positive direction until the past few days,” he said. “It seems like this is the last thing New York needs.”In some of the city’s hardest-hit neighborhoods, business improvement districts reversed guidance they had given retailers early in the shutdown against boarding up storefronts.“At the beginning of Covid, we told owners not to board up stores, that it would send the wrong message,” said Jessica Lappin, president of the Downtown Alliance. “Now we are telling them they should.”Many retailers were preparing to return partially for phase 1 of the city’s planned reopening, set for Monday.“I think all retailers in the city had been making plans to open as soon as they possibly can,” said Peter Braus of Lee & Associates. “This is just going to set them back further.”Kramer Levin attorney Jay Neveloff said it was unclear how the looting and curfews would change stores’ plans to reopen.He did note an anomaly: Looted stores, many of which have been unable to generate sales during the shutdown, may see their first income in weeks — from insurance claims.“It really shows how the world is upside-down right now,” he said.Contact Rich Bockmann at [email protected] or 908-415-5229 Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsBlack Lives Matter ProtestsRetailcenter_img Share via Shortlinklast_img read more