At a time when most Canadians have seen their retirement savings decrease, those on Parliament Hill have been seen theirs grow 10%, reports the Toronto Sun. And, pensions for MPs are also indexed for life with the payments growing at a rate of 3.3% per year.
MPs must be 55 years of age to qualify for their pension payments, but they can collect a pension of $28,000 annually after serving six years in the House of Commons. Long-serving MPs can see even larger payouts. Jean Chrétien, who served for more than 30 years in the Commons, has a pension estimated at more than $300,000 per year.
Last week we reported that the Canadian Federation of Independent Business (CFIB) is calling for the mayors of three New Brunswick towns to de-index municipal pensions to address growing pension deficits.
Maybe the CFIB should look at what the federal government is doing before it attacks those at the municipal level. Related Content
• CFIB calls for municipal pension de-indexation