Calculate Labour's Plan for Retirement
The best way to help today’s workers save enough money for tomorrow is by increasing what everybody gets from the Canada Pension Plan (CPP) as a share of their total retirement income. Which is why we’re proposing that over the next several years we lay the foundation to double CPP benefits for the future.
- assume you will not draw your CPP pension benefits before age 65.
- assume that your employment earnings remain level throughout the whole CPP contributory period.
- are not indexed to inflation and results are in 2010 constant dollars.
- are based on the 2010 maximum pensionable earnings for which CPP contributions are paid and benefits are computed which is $47,200.
- include the 2010 yearly basic exemption which is $3,500 and no CPP contributions are paid on the first $3,500 of income.