Province Seeks Your Input on Changes to CPP
Prince George, B.C.- While the Ministers of Finance from across Canada have agreed in principle to the proposed changes to the Canada Pension Plan, the Province of BC wants your thoughts on the changes before it officially signs on the dotted line.
The phased in boost to the Canada Pension Plan would start in 2019 and have annual increases over seven years.
There are two key parts to the changes:
- The income replacement rate will be increased from one-quarter to one-third of insured eligible earnings. This means workers who retire after contributing to the enhanced system will see their monthly CPP benefits increased.
- The upper insured earnings limit will be increased to $82,700 in two steps in 2024 and 2025, an increase of about 14% from its projected level in 2023. For workers earning above the current maximum, this means that more of their income will be covered by CPP and they will receive increased CPP benefits when they retire.
The Province of BC has set up a special website to gather input on the changes, and welcomes your feedback.
The Province says “all emails will be read and reviewed; the feedback received will be presented to the Minister of Finance for consideration as he works with Canada’s Finance ministers on a modest, gradual enhancement to the Canada Pension Plan.”
Feedback can be sent to firstname.lastname@example.org