Quebec Pension Plan - Key Data for 2024

Retirement and Benefits

Numéro 23-23

Fri, 11/24/2023 - 15:33

The Québec Pension Plan was enhanced by introducing an Additional Plan as of January 1^st, 2019. From 2024, a new contribution rate on earnings between the MPE and the additional maximum pensionable earnings (YAMPE) becomes applicable. The YAMPE will be 107% of the MPE in 2024 and 114% of the MPE from 2025.

	January 1^st
	2024	2023
MPE (Maximum pensionable earnings)	$68,500	$66,600
YAMPE (Yearly additional maximum pensionable earnings)	$73,200	n.a.
Basic exemption	$3,500	$3,500
Contribution rate On earnings between $3,500 and $68,500 Base Plan Additional Plan On earnings between $68,500 and $73,200 Additional Plan	10.8% 2.0% 8.0%	10.8% 2.0% n.a.
Employee contribution rate On earnings between $3,500 and $68,500 Base Plan Additional Plan On earnings between $68,500 and $73,200 Base Plan	5.4% 1.0% 4.0%	5.4% 1.0% n.a.
Maximum employee contribution ($) Base Plan Additional Plan	$3,510.00 $838.00	$3,407.40 $631.00
Maximum monthly pension - Retirement age 65 ⁽¹⁾	$1,364.60	$1,306.57
Pension indexation rate	4.4%	6.5%

⁽¹⁾Including the base plan retirement pension and the additional plan retirement pension. These amounts consider a retirement date as at January 1^st.

This document is a summary, analysis and/or commentary made according to our understanding of an event. We take no responsibility for any use made by a third party.

Quebec Pension Plan - Key Data for 2024

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