Politics 10 February 2023

Consultations begin on the future of the Quebec Pension Plan 

Consultations on changes to the Quebec Pension Plan began Wednesday at the National Assembly. The CAQ and its Finance Minister Éric Girard say they are seriously considering the idea of raising the age of eligibility for the first QPP payments from 60 to 62. According to the Minister, the financial health of the plan is not an issue in this matter. The CAQ's argument to justify its intention is based on the labour shortage and the financial health of seniors.

On the other hand, as FTQ president Magali Picard stated, retirement at age 60 is not a choice for some workers. During her testimony before the Parliamentary Commission on the Pension Plan Study, she made a point of pointing out that many Quebecers retire at 60 because they have given their all. After working for many years in extremely difficult physical conditions, many workers simply no longer have the strength to hold a job after age 60, and it would be deplorable to penalize them for this reason.

It would be preferable to focus on structuring measures that will encourage experienced and healthy workers to remain in the labour market after age 60 rather than trying to force all workers to stretch their careers by penalizing them.

To view the QFL President's testimony before the Parliamentary Commission on the Pension Plan Study: 

The QPP in a few points.

- The QPP provides contributors with basic financial protection in the event of retirement, death or disability.

- Contributions to the QPP are mandatory for all Quebecers aged 18 and over who work and whose annual income exceeds $3,500.

- Since January 1, 2019, the QPP has been enhanced by the addition of a supplementary plan, in which the maximum eligible salary will be increased and the income replacement rate improved.

- For 2023, the contribution rate for the basic plan is 10.80%, shared equally between the worker and the employer, while the contribution rate for the supplementary plan is 2.00%, shared equally between the     worker and the employer.

- It is currently possible to receive a QPP retirement pension as early as age 60, subject to penalties. For example, in 2023, a person who decides to start receiving his or her retirement pension at age 60 will      receive 64% of the expected monthly payment, while a person aged 65 will receive 100% of the expected monthly payment.
  To view the full chart on monthly payments by age:

- In 2023, the maximum benefit amount is $1,306.57 per month for a 65-year-old. Based on a 40-hour week, that's the equivalent of $7.54 per hour. So you can't rely on this income alone to provide for your retirement.

To learn more about the QPP: 


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