Pensions for retired MPs averaged $77,900 last year, an increase of nearly 10 percent since the pandemic, says the Treasury Board. Pensions are indexed to inflation to “cover increases in the cost of living.”

“Retirement allowances, survivor benefits and disability pensions under the plan are indexed annually to cover increases in the cost of living as determined by the Consumer Price Index,” said a Board Report On The Administration Of The Members Of Parliament Retiring Allowances Act. “The indexation rate was 6.3 percent for 2023 and 2.4 percent for 2022.”

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