CPP Benefits to Increase

CPP image

CBJ – Canada Pension Plan (CPP) benefits will increase by 1.8% in 2015, according to a media release by Employment and Social Development Canada.

The increased amount applies to people already receiving CPP payments. Those who turn 65 and start collecting CPP will get a maximum of $1,065 per month.

The rates are re-calculated every year based on changes in the Consumer Price Index (CPI), which is how Statistics Canada measures cost of living.

Old Age Security (OAS) benefits will stay the same for the first few months of 2015, with a basic monthly pension of $563.74.

The OAS amount is reviewed quarterly and will be assessed again in April.

@CanBizJournal

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