Pensions indexed
The Department of Human Resources advises all eligible retirees and surviving principle beneficiaries that pensions have been increased effective July 1, 2020, by 1.17 per cent in accordance with the pension plan’s rules for pension indexing.
The amount of the indexing benefit is calculated as 60 per cent of the annual change in the Consumer Price Index (CPI), as measured by Statistics Canada, to a maximum increase of 1.20 per cent. Pension recipients who are 65 years of age and older on July 1, 2020, will see their pensions increased by 1.17 per cent. Only pensions paid from the Memorial University Pension Plan are indexed. Indexing does not apply to amounts paid from the supplementary retirement income plan or the 1996 voluntary retirement incentive plan.
In our continuing efforts to minimize the risks associated with the transmission of the COVID-19 virus, hard copy personalized letters will not be issued to pension recipients this year. For enquiries related to indexation, please contact myhr@mun.ca.