What does Trudeau’s win mean for Canadian employee benefit plans?
In the wake of Justin Trudeau’s election win, we have to ask ourselves: what will that mean for Canadian employee benefit plans? Here are some questions, based on promises made on the campaign trail:
- Will the Canada Pension Plan will be enhanced as promised, leaving Kathleen Wynne deciding to withdraw the proposed Ontario Retirement Pension Plan (ORPP)?
- Will the idea of “national pharmacare” be fully defined and implemented?
- Will prescription drugs become more affordable?
- Will marijuana become legalized or be assigned a drug identification number (DIN#), meaning that coverage under a benefit plan is facilitated?
- Will the EI waiting period be reduced from two weeks to one in 2017?
If any of these changes become legislated in the future, contracts and booklets will be automatically updated, and new copies will be forwarded to plan administrators.