Source: AI-CIO.com
Canadian public pension funds are proving to be an important driver of the country’s economy, contributing more than 877,100 jobs and over C$82 billion (US$65.5 billion), or 3.6%, of its gross domestic product (GDP) annually, according to a recent report from the Canadian Centre for Economic Analysis (CANCEA).
The report found that through the economic activity supported by spending their pension incomes, retired public pension members alone support more than 794,000 jobs and C$74 billion of Canada’s GDP. It said the economic activity supported by the plans creates revenue for the provincial and federal governments through personal, corporate, and consumption taxes, which total nearly C$21.4 billion every year. Additionally, every C$10 of pension payments generates C$16.70 of economic activity.