TORONTO – A new report says Ontario taxpayers are putting in almost $6 for every $1 employees working at the province’s four energy agencies are putting into their pension plans.
At Hydro One, taxpayers are forking out 81 per cent of the contributions.
Get daily National news
Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Ontario Power Generation employees are putting in just one-quarter of the contributions.
The government-commissioned report says the four pension plans are “generous, expensive and inflexible” and none of them is stable.
- B.C. First Nations explore if nuclear power could meet province’s electricity needs
- Hoekstra says Trump serious about tariff threat over wildfire smoke
- Ontario PC MPPs who spent big on hotels face questions as minister resigns
- 2 Saskatchewan research farms to stay open as province enters MOU with Ottawa
It says the employer bears all risks that can increase pension costs, which are ultimately borne by ratepayers, customers and shareholders.
Jim Leech, who authored the report, is recommending that the contributions move to a target of 50/50 over the next five years.
Comments
Want to discuss? Please read our Commenting Policy first.