What does Canada Pension Plan mean?
Definitions for Canada Pension Plan
cana·da pen·sion plan
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Canada Pension Plan.
Wikipedia
Canada Pension Plan
The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a Registered Retirement Savings Plan). As of Jun 30, 2022, the CPP Investment Board manages over C$523 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians. CPPIB is one of the world's biggest pension funds.
Wikidata
Canada Pension Plan
The Canada Pension Plan is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security. Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings. The CPP program mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income to a nationally administered pension plan. The plan is administered by Human Resources and Social Development Canada on behalf of employees in all provinces and territories except Quebec, which operates an equivalent plan, the Quebec Pension Plan. Changes to the CPP require the approval of at least 2/3 of Canadian provinces representing at least 2/3 of the country's population. In addition, under section 94A of the Canadian Constitution, pensions are a provincial responsibility, so any province may establish a plan anytime. The CPP is funded on a "steady-state" basis, with its current contribution rate set so that it will remain constant for the next 75 years, by accumulating a reserve fund sufficient to stabilize the asset/expenditure and funding ratios over time. Such a system is a hybrid between a fully funded one and a "pay-as-you-go" plan. In other words, assets held in the CPP fund are by themselves insufficient to pay for all future benefits accrued to date but sufficient to prevent contributions from rising any further. While a sustainable path for this particular plan, given the indefinite existence of a government, it is not typical of other public or private sector pension plans. A study published in April 2007 by the CPP's chief actuary showed that this type of funding method is "robust and appropriate" given reasonable assumptions about future conditions. The chief actuary submits a report to Parliament every three years on the financial status of the plan.
Numerology
Chaldean Numerology
The numerical value of Canada Pension Plan in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of Canada Pension Plan in Pythagorean Numerology is: 6
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"Canada Pension Plan." Definitions.net. STANDS4 LLC, 2024. Web. 19 Apr. 2024. <https://www.definitions.net/definition/Canada+Pension+Plan>.
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