Quebec,Changes concerning retirement


Beneficiaries who are already receiving a retirement pension when the changes come into force are not affected. The amount of their pension will stay the same and will continue to be indexed every year.

Employment earningsTotal contributions

The first rate increase (to 10,05%) occurred on 1 January 2012. The rate was 10,20% in 2013 and is10,35% in 2014. The rate applies to the portion of employment earnings between the basic exemption (3 500 $) and the maximum pensionable earnings (52 500 $ in 2014). The employee and the employer each pay half (5,175% each). Self-employed workers must pay the entire amount to Revenu Québec.
Note that...

The contribution rate will increase by 0,15% a year to 10,80% in 2017. As of 2018, an automatic mechanism will be implemented to ensure stable Plan funding.

Example:

Employment earning Before the increase After increase Total increase

$15 000 $1 155,75 $1 190,25 $17,25

$30 000 $2663,25 $2 742,75 $39,75

$50 000 $4855,20 $5 071,50 $69,90

Change to retirement pension eligibility for persons age 60 to 65

for more Information collected and copied visit: http://www.rrq.gouv.qc.ca/en/programmes/regime_ren...

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