Yes, contributions to the new plan increase gradually until 2023. In addition, as of 2024, contributions of 4% will be deducted from the portion of income between the maximum pensionable earnings and a new eligible earnings cap.
Contribution rates are split equally between the employers and the employees. Self-employed workers pay the full amount.
The following table shows the contribution rates employees and workers make to the additional plan.
Contributions to the additional plan
|Year||Between $3500 and the MPE|
|Year||Between the MPE and the eligible earnings CAP*|
* In 2024, the eligible earnings cap will be 7% higher than the MPE. As of 2025, it will be 14% higher than the MPE.