The Québec Pension Plan (QPP) is a comprehensive public insurance plan for individuals aged 18 and over with annual employment income exceeding $3,500. It aims to provide financial security for workers in Québec and their families during retirement, in case of disability, or following death. Here’s what you need to know for 2024-2025:
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Contribution Rates
- Earnings Between $3,500 and $68,500 (Maximum Pensionable Earnings – MPE):
- Base Plan: 10.8% total, split equally between employers (5.4%) and employees (5.4%).
- Additional Plan: 2%, split equally (1% each for employers and employees).
- Earnings Between $68,500 and $73,200 (Year’s Additional Maximum Pensionable Earnings – YAMPE):
- Additional Plan: 8%, split equally (4% each for employers and employees).
For Employers and Workers (Each Party):
- Base Plan (5.4% on $65,000): $3,510.
- Additional Plan (1% on $65,000): $650.
- Additional Plan (4% on $4,700): $188.
- Total Maximum Contribution: $4,348.
For Self-Employed Workers:
- Base Plan (10.8% on $65,000): $7,020.
- Additional Plan (2% on $65,000): $1,300.
- Additional Plan (8% on $4,700): $376.
- Total Maximum Contribution: $8,696.
Payment Dates for QPP Benefits 2025
Monthly QPP payments are issued on the following dates:
- January: 31, 2025
- February: 28, 2025
- March: 31, 2025
- April: 30, 2025
- May: 30, 2025
- June: 30, 2025
- July: 31, 2025
- August: 29, 2025
- September: 29, 2025
- October: 31, 2025
- November: 28, 2025
- December: 30, 2025
Retirement Pension Maximums
- At Age 65 (100% of Maximum Pension):
- Monthly Amount: $1,364.60
- At Age 60 (64% of Maximum Pension):
- Monthly Amount: $873.34
- At Age 72 (158.8% of Maximum Pension):
- Monthly Amount: $2,166.98
These values reflect adjustments for early retirement at age 60 or delayed retirement at age 72, emphasizing the flexible options available to retirees.
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Key Features of the QPP
- Retirement Benefits: Enhanced by both the base and additional plans, income replacement increases to 33.33%.
- Survivor & Disability Benefits: Financial aid for families in the event of death or disability.
- Flexibility: Contributions are adjusted yearly to adapt to inflation and demographic trends.
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How Contributions Are Collected
Contributions from employees, employers, and self-employed individuals are managed by Revenu Québec and invested by Caisse de dépôt et placement du Québec. These ensure the plan’s sustainability and growth.
For detailed information, calculations, and updates, visit the official website: Retraite Québec – Québec Pension Plan
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