Delay CPP expansion approval, St. John's Board of Trade asks Dwight Ball

The St. John's Board of Trade is askingDwight Ball to try anddelay the approval deadline forplanned increases to the Canada Pension Plan, saying the move could hurt Newfoundland and Labrador's small businesses.

"This increase[d]tax on jobs will hinder future jobgrowth at a time when it is needed most," board chair Des Whelan said aletter to Ball released Tuesday.

• Finance ministers reach agreement on expanding CPP

• What the CPP boost means for the average Canadian worker

The federal government is hoping to finalize the increases to the CPP by Friday after reaching an agreement in principle in June with nineof the provinces, with Quebec the lone holdout.

Finalizing that would mean in beginning in 2019, the average worker will pay $7 more a month in CPP contributions, gradually increasing to $23 by 2023.

Whelan called that measure "a tax on jobs," and asked Ball to ask federal Finance Minister Bill Morneau fora delay "to allow the business community time to examine these changes to determine the impact to their businesses and recommend changes."

Whelan cited the spike in bankruptcies in the provinceas well as Statistics Canada's flat job numbers for June as proof of a tenuous employment environment.