22 THE OSHAWA TIMES, Friday, April 2, 1965 | Pension Plan Now A Fact, After Monumental Effort By STEWART MacLEOD {$600 and $5,000--for a total of| OTTAWA (CP)--With only the|$792_ and he would then draw formality of royal assent re-|2 Pension of $104.17 a month. maining, the Canada Pension Within eight months of retire- Plan is about to become a fact|™ent, he would be ahead of the' and it's doubtful whether any|®#™e- other piece of legislation has re-| WILL BE SUBSIDIZED quired so much effort to bring it) This transitional period, dur- into effect, : ing which certain contributors "Three revisions, nearly two|%*t "winds," is the one major years of exhaustive aciuarial|#Spect of the plan not wage- and economic studies, countless related. It means, in effect, that conferences, wearying federal- future contributors will be sub- provincial negotiations, 26 days sidizing those receiving wind- of Commons debate, 51 sittings|'4lls. ' of a Senate-Commons commit-|, These windfalls would be tee, and three days in a Senate drastically reduced if the ma- committee and before the Sen- turity period was extended to ate itself--this is the partial|2? years--as suggested by both story of how the massive legis- Ontario and Quebec. But the lation is reaching the statute shorter period was one of the books. No one can reckon the| Concessions gained by the fed- thousands of man - hours that eral government in its negotia- went into the measure. tions with Quebec, which re- And now that it has cleared tay erie - both plans being dove- é | achieve portability. = 94 elagreamoee preter The pension plan as finally a esives? anadians got f0l a»proved by Parliament is basi- '. : ' cally the same as the one intro- The short answer is that most) duced to the House last Oct. 30 Canadians will have a wage-re-)_the third version of the! lated pension scheme, compul-/scheme. While the government! sory in nature, that will provide|did accept some amendments--| a maximum benefit of $104.17--| most of them technical -- the} plus the $75 monthly old - age/fact that it had previously been pensiun--a month when a con-|meshed with Quebec's scheme tributor reaches 65. _ |prevented any funda mental A longer answer is that the| changes. y plan is so complicated, a mathe-| But the. government did an- matician could probably earn alnounce an important change in doctorate by figuring out a sim-|its old - age security program, ple method of explaining how which affects the total benefits much each contributor will give|under the pension plan_ itself. and take. The $75 monthly old-age secur- HOW IT WORKS ity payment now is available} In the simplest sense, it works at age 70, and the government} like this: announced that the qualifying} For contributions of 3.6 per age will be reduced by one year cent of 'income--half paid by|C@°h Jan. 1, so that by 1970, employees and half by employ-|@!! persons 65 will qualify. ers--persons will qualify at age|_,Under the present benefit 65 for a pension of about one-|Structure, a person retiring quarter of their previous earn- with maximum qualifications in ings. Contributions are made on|!976, will receive | a monthly earnings between $600 and $5,000|CPP Payment of $104.17, plus a year, and self-employed per-| 'he $75 old - age security pay- sons, who must pay the entire) ment, for a total of $179.17. 3.6 per-cent contribution them-| _In predicting future contribu- selves, enter the scheme when|!0"S pre ni gene entife My jwage anc price structure in Mate sintienn 'and menovein| cand would have to be pro- limits of $600 and $5,000 mean| jected because the scheme is that persons earning less than|S¢ared to move up with the cost the minimum will not make any} 0 living, along with benefits un- contributions or receive any| der the old - age security pro- benefits, and persons earning : a more than the maximum will| RATES WILL RISE © not make any contributions on| Government actuaries have income above $5,000. lsaid that by the 1980s, it is Based on average earnings of| probable that the rate of contri- $600, minimum benefits under! butions will have to be changed the scheme will be $150 a year,|The trend would almost cer- and the maximum for a $5,000/tainly be upward. income will be $1,250. A basic principle of the bill Contributions will start next! is that everyone who contributes Jan. 1, and the first benefits willis eligible for a benefit. If a be paid out a year later. But| girl works for five years before these benefits will be on a'she marries, and then quits graduated scale until the plan permanently, she will get bene- Teaches maturity in 1976. fits at age 65, from a five-year During this 10-year maturity|income average over the entire Period a person now 55 can con- period. tribute until he is 65 and then| There are other complicated draw the same pension as if he| formulas covering those who contributed for 40 years. Thus,|still earn income between 65 for a 10-year period he wouldjand 70 although retired, those be 'contributing $79.20 a year--|who become disabled, and wid- 1,8 per cent of earnings between! ows of contributors. een ... at KARN'S New Polaroid Color Pack Camera for only $69.95 We've got to be kidding But we're not. Polaroid has just introduced an economy model of the famous Color Pack Camera. It's called the Mode! 104. Same great film. Same fast loading. Same electric eye. Same big color prints in 60 seconds (black and whites are ready in just 10) Yet Polaroid has figured out a way to bring it to you for only about half the price of the original model. Come in and make us prove it. 28 KING STREET EAST 723-4621 OPEN EVENINGS TILL 9 P. M. MEN'S AND YOUNG MEN'S TWO-TROUSER For your Spring wardrobe, from one of Canada's leading clothing manufacturers. Trousers feature permanent knife- edge creases to keep that neat, trim look for day after day of wearing. Skillfully tailored, shape-retaining wool worsted material in herringbone, Urquhart check and stripe patterns. Pick an attractive regular-style suit with single reverse-pleat, belt loop trousers or a popular continental model, featuring trim, plain front trousers. Both styles have 3-button, half- raglan lined jackets. 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Children and adults alike are entranced by the tiny, downy birds... so bring the whole family down to enjoy this enchanting Easter entertainment... it's a happy, cheering sight ... and one you seldom see! On View Daily (except Sundays and Good Friday) until April 17th. EATON'S TELEPHONE ORDER SERVICE OPEN DAILY AT 8:30 A.M.