[Newsbot]

Title: CPP bosses to receive millions in bonuses
Category: Misc CDN
Posted By: Hyack
Date: 2009-05-28 22:34:40
Canadian

[HaRdLy]

How is it with so many people being laid-off, that these clowns take bonuses? Why are they even getting bonuses in the first place?

[Lemmy]

Another example of the public sector screwing up something that they have no business being part of. If people got to KEEP their income and save it for retirement how THEY choose, this wouldn't be an issue.

[ridenrain]

Prime Minister Stephen Harper responded that the bonuses are determined by the CPP's board of directors, not his government.
"The board is responsible independently for remuneration for the management of the plan," Harper explained. "I noticed by the way, that the board did drop the total compensation for its executives by 31 per cent last year. But that is a board decision, not a government decision."
"This is a joint body of federal and provincial governments that is administered at arm's length and independent of politics," he added.

[GreenTiger]

Canada has its greedy pigs just as we do. At least those companies arren't getting massive taxpayer financed government bailouts to pay for those bonuses.

[Yogi]

GreenTiger GreenTiger:

Canada has its greedy pigs just as we do. At least those companies arren't getting massive taxpayer financed government bailouts to pay for those bonuses.

Who exactly do you think provides all the money for the unemployment fund???

[OnTheIce]

Lemmy Lemmy:

Another example of the public sector screwing up something that they have no business being part of. If people got to KEEP their income and save it for retirement how THEY choose, this wouldn't be an issue.

That would be an epic disaster. Canadians aren't educated enough to handle their own retirement. Something like this would need to be integrated into our educational system and taught extensively before this could take place.

[Lemmy]

OnTheIce OnTheIce:

That would be an epic disaster. Canadians aren't educated enough to handle their own retirement. Something like this would need to be integrated into our educational system and taught extensively before this could take place.

First, the CPP's gonna crash anyway. The Baby Boomers have ensured that. Second, I don't care if stupid people can't handle their own retirements. I'm not their daddy.

[OnTheIce]

Lemmy Lemmy:

OnTheIce OnTheIce:

That would be an epic disaster. Canadians aren't educated enough to handle their own retirement. Something like this would need to be integrated into our educational system and taught extensively before this could take place.

First, the CPP's gonna crash anyway. The Baby Boomers have ensured that. Second, I don't care if stupid people can't handle their own retirements. I'm not their daddy.

I agree with your idea, but it needs to be set in motion starting with the kids and moving forward.

I was lucky to have very financially wise parents, most don't. We should change our curriculum in schools to mandate mandatory classes in financial management and investing.

A more debt wise and investment savy society will be the finial product

[Bruce_the_vii]

The Ontario Teachers Pension Fund took an $18 billion hit. It's been one of the most successful pension funds. They all took a hit. It's odd that the top all got bonuses but that seems to be the way the game is rigged.

[Bruce_the_vii]

The CPP is solvent. Finance Minister Martin raised taxes 1/2% of GDP and put it toward the CPP ensuring it's paid up for a long while, the next 50 years or something. Martin had some good moves and this was one.

[Lemmy]

Bruce_the_vii Bruce_the_vii:

The CPP is solvent. Finance Minister Martin raised taxes 1/2% of GDP and put it toward the CPP ensuring it's paid up for a long while, the next 50 years or something. Martin had some good moves and this was one.

We need the Baby Boomers to take up smoking, scuba diving, IV drug use or other high risk behaviours if the CPP's gonna survive. Having 50%+ of the population drawing CPP is unsustainable, unless GenX is willing to pay a lot more than our share.

RRSP tax sheltering was supposed to help this out, but there's no way it can be maintained for 20 years, let alone 50.

[Strutz]

I started seeing red by the time I got to the 2nd paragraph if this article. By the time I finished reading it I was fuming. Can someone please tell me WTF these execs have done to freaking earn ridiculous bonuses like that? Anyone? What to they even do?

$1:

Prime Minister Stephen Harper responded that the bonuses are determined by the CPP's board of directors, not his government.

So the Government has no say in how the Canada Pension Plan is operated? Oh please. Our contributions are collected by the Federal Government.

[Strutz]

OnTheIce OnTheIce:

We should change our curriculum in schools to mandate mandatory classes in financial management and investing. A more debt wise and investment savy society will be the finial product

This is a good suggestion actually. Not all kids have parents to teach them these life skills, in fact some parents could learn something from their kids.

[Lemmy]

Strutz Strutz:

OnTheIce OnTheIce:

We should change our curriculum in schools to mandate mandatory classes in financial management and investing. A more debt wise and investment savy society will be the finial product

This is a good suggestion actually. Not all kids have parents to teach them these life skills, in fact some parents could learn something from their kids.

I'm not sure this would work. Teenagers don't much care what their teachers tell them. The smart kids and the diligent students will, sure, but those kids are likely to learn good money management anyway. The dumb kids aren't going to retain any more about financial planning than they are about Shakespeare or geometry.

How about we stop pandering to those of us that are either too dumb or don't give a shit? Shut down the CPP and let people keep some of their 'hard-earned'. If some people don't feel the need to prepare for their old-age, fine. But stop robbing my paycheque to fund other peoples' retirements and let me make my own invstment choices.