The same problems facing Quebec’s public sector pension plans are happening across the rest of Canada too, where governments at all levels are staggered by the cost of funding pensions.
In 2002, Canadians contributed $8 billion into the pension plans of public sector employees and this year over $35 billion will be contributed.
While half of Quebec seniors live on income of $20,100 or less, most retired municipal employees have retirement incomes two or three times higher under the current system.
It’s important to remember that many municipal employees, while being members of the city’s pension plan, also receive full benefits from the Quebec Pension Plan and the Old Age Security program.
Government plans form the base of their retirement income with QPP, at age 65, providing up to $12,459 and Old Age Security, an additional $6,700.
When the funding problem became evident and Montreal-area mayors started to talk about pension reform in 2012, the average city worker’s pension was $35,000 and they retired at age 55. City managers retired at age 59 with a $51,000 pension.
A Montreal police officer leaves the force at an average age of 53, and collects $59,000 per year in pensions, while a city firefighter retires at an average age of 52 with $53,000 per year in pensions.
In the City of Montreal, the average non-government worker makes $38,900.
more
Opinion: Quebec cannot afford its public sector pension plans - Montreal | Globalnews.ca
In 2002, Canadians contributed $8 billion into the pension plans of public sector employees and this year over $35 billion will be contributed.
While half of Quebec seniors live on income of $20,100 or less, most retired municipal employees have retirement incomes two or three times higher under the current system.
It’s important to remember that many municipal employees, while being members of the city’s pension plan, also receive full benefits from the Quebec Pension Plan and the Old Age Security program.
Government plans form the base of their retirement income with QPP, at age 65, providing up to $12,459 and Old Age Security, an additional $6,700.
When the funding problem became evident and Montreal-area mayors started to talk about pension reform in 2012, the average city worker’s pension was $35,000 and they retired at age 55. City managers retired at age 59 with a $51,000 pension.
A Montreal police officer leaves the force at an average age of 53, and collects $59,000 per year in pensions, while a city firefighter retires at an average age of 52 with $53,000 per year in pensions.
In the City of Montreal, the average non-government worker makes $38,900.
more
Opinion: Quebec cannot afford its public sector pension plans - Montreal | Globalnews.ca
