Let me start by saying that an enhancement to the Canada Pension Plan is savings. There is nothing about a tax here. This is money that's being put aside into the Canada Pension Plan to enhance people's eventual retirement outcome. That $30,000-a-year person you're talking about will have, after this is fully in place, an extra $2,400 per year of retirement income, assuming their earnings stay constant, and they will have an after-tax increase in their contribution to their pension, again once this measure is fully mature, of $8 on a biweekly basis. Those are some numbers for you to keep in your head: $8 on a biweekly basis after tax for that $30,000-a-year person, and an additional $2,400 annually in terms of the amount of money they'll receive from the Canada Pension Plan.
With respect to the things we've done this year, I will tell you that we have moved forward on an agenda that's trying to help middle-class Canadians and trying to help Canadians who are struggling to get by. The reduction in taxes impacts nine million Canadians, putting them in a better situation, but it doesn't impact every Canadian. For some of those lower-income Canadians, especially families, the Canada child benefit will make a very material difference. If that $30,000-a-year person had one child, that person would get $6,400 after tax from the Canada child benefit. I think you can work out how much of a significant benefit that is for that person in that situation.
We recognize that to make a difference, to bring in what we call inclusive growth, to help middle-class families, will involve multiple things. It's going to involve helping people in the short term with a tax reduction. It's going to involve helping families in the short and medium term with an enhanced Canada child benefit. It's going to involve helping people in the long term to know that they're going to have the savings they require to eventually retire in dignity.
Along with that, we're going to be focused on how we can make investments to grow the economy so that we can also improve their situations through enhanced work opportunities in the long term.