New legislation has revealed that employers could face five-figure fines if they fail to meet requirements.
Legislation released last week has revealed employers that fail to comply with rules under the Ontario Retirement Pension Plan could face financial penalties of up to $10,000.
The details came as Associate Finance Minister Mitzie Hunter introduced Bill 186, setting out additional information on the plan including a maximum penalty that “shall not exceed $10,000.″
Employers could face the fine for a number of different indiscretions including failing to provide a required document as well as making a statement or declaration the person knew to be false or misleading.
The bill also provides for an administrative monetary penalty for failing to remit required contributions.
ORPP critic and president of Actuarial Solutions told Benefits Canada that the government was once again putting the cart before the horse.
“I think the main message is you’ve jumped right ahead with the penalty you’re going to pay if you don’t follow the rules you haven’t told us,” he complained, adding that the Ontario government is putting its “energy in the wrong place.”
It was also revealed that the ORPP will have an option for other provinces to join.
“We are continuing our conversations about CPP enhancement, but we do know those conversations take time,” said Hunter. “We have provided for in the legislation that will be tabled later today the opportunity for other provinces to join.”
“We’re going down both tracks at this point because we don’t want to delay what’s critical, which is try to find a solution for Ontario workers who don’t have a pension plan,” reiterated finance minister Charles Sousa.
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The details came as Associate Finance Minister Mitzie Hunter introduced Bill 186, setting out additional information on the plan including a maximum penalty that “shall not exceed $10,000.″
Employers could face the fine for a number of different indiscretions including failing to provide a required document as well as making a statement or declaration the person knew to be false or misleading.
The bill also provides for an administrative monetary penalty for failing to remit required contributions.
ORPP critic and president of Actuarial Solutions told Benefits Canada that the government was once again putting the cart before the horse.
“I think the main message is you’ve jumped right ahead with the penalty you’re going to pay if you don’t follow the rules you haven’t told us,” he complained, adding that the Ontario government is putting its “energy in the wrong place.”
It was also revealed that the ORPP will have an option for other provinces to join.
“We are continuing our conversations about CPP enhancement, but we do know those conversations take time,” said Hunter. “We have provided for in the legislation that will be tabled later today the opportunity for other provinces to join.”
“We’re going down both tracks at this point because we don’t want to delay what’s critical, which is try to find a solution for Ontario workers who don’t have a pension plan,” reiterated finance minister Charles Sousa.
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