Business leaders in Canada have come forward with some measures to address the problem of a shortfall in the pension funds in the country.

Gerry McCaughey, the Chief Executive Officer (CEO) of the Canadian Imperial Bank of Commerce has recommended that the government should implement a system for voluntary contributions to the Canada Pension Plan in order to encourage a culture of savings in the country.

While speaking to senior government leaders as well as business leaders at a National Summit on Pension Reform in New Brunswick on Tuesday, he said that a research by the bank shows that six million Canadian will have to control finances in a better manner when they retire. He suggested that the people in the country should be allowed to contribute higher than what is mandatorily deducted from their salaries.

CIBC CEO Gerry McCaughey said, "Our economists estimate that Canadians now in their late 20s or early 30s can expect to experience, on average, a decline of 30 per cent in their standard of living when they retire."

McCaughey said that people should look at increasing their savings for the retirement, pointing out that the need to save money has become secondary to other aspects of life in the country.