The Saskatchewan Pension Plan is increasing its 2022 contribution limit to $7,000.

Plan members can now qualify to save the tax on up to $7,000 in income from the previous year. In a press release, the multi-employer defined contribution pension plan sponsor said the limit increase makes it an increasingly attractive option for employers looking to attract and retain talent in a challenging labour market.

Read: Helping members to and through retirement at the Saskatchewan Pension Plan

“In a world where we pay monthly subscription fees for everything from TV shows to dinner, retirement investing would benefit from a change in mindset,” said Shannon Corey, executive director of the SPP, in the release. “A pension plan is an investment in a stable future. Isn’t that worth subscribing to?”

The SPP offers a consistent eight per cent historical rate of return and is designed to be flexible for employers of all sizes and employees of all income levels, according to the release, which noted the balanced fund had a return of 11.53 per cent in 2021.