Understanding the indexation of pensions
under the Québec Pension Plan

To help you maintain your purchasing power, pensions under the Québec Pension Plan (QPP) are indexed in January of each year based on the rate determined according to the Consumer Price Index for Canada.

Adjustment provided for by law

The annual indexation of pensions is provided for under the Act respecting the Québec Pension Plan, which also protects your pension against the risk of deflation (negative inflation rate).
Therefore, your pension can never decrease.

What is the Consumer Price Index (CPI)?

The CPI is established by Statistics Canada by analyzing changes in consumer prices related to the everyday expenses of households for various goods and services, such as:





Health care

The cost of a fixed basket of 97 000 goods and services is evaluated, then it is compared to a baskefrom 2002, that is, the reference year that is currently used by Statistics Canada, when the CPI was established at 100.

In October 2023, the CPI was estimated at 158.6. This means that a purchase of $100 of goods and services from the reference basket in 2002 is now valued at $158.60.

Calculation of the Québec Pension Plan's indexation rate

The indexation rate is calculated according to the variation (in percentage) of Canada's CPI average from November to October, compared to the average of the 12 preceding months.

CPI average from November 2021 to October 2022. November 144.2, December 144.0, January 145.3, February 146.8, March 139.6, April 149.8, May 151.9, June 152.9, July 153.1, August 152.6, September 152.7, October 153.8, Average 149.6.

Calculation Formula

(( 156.3

Average of the 12 preceding months.

Indexation rate of pensions under the Québec Pension Plan according to the year

Rate of indexation of 2.3% for 2019 2.3%


Rate of indexation of 1.9% for 2020 1.9%


Rate of indexation of 1.0% for 2021 1.0%


Rate of indexation of 2.7% for 2022 2.7%


Rate of indexation of 6.5% for 2023 6.5%


Indexation rate

Rate of indexation of 4.4% for 2024 4.4%