Staff
The Conservatives have accepted a proposal to have Members of Parliament and senators contribute more to their pensions plans.
According to new CBC.ca report, under the new proposal MPs and senators will split contributions fifty-fifty with taxpayers. In monetary terms, this is a huge savings for taxpayers.
MPs and senators with increase their contributions from approximately $11,000 a year to $38,000. Taxpayers will also contribute 38,000, which is down from the approximate $64,000 they were paying.
There is no news yet if the eligibility rules will change of the age at which they can collect their pension will increase.
Only MPs and senators who start in 2015 and beyond will be affected by these changes.