Pension Indexing. Pension benefits shall be increased on January 1 of each year by 100% of the increase in the Consumer Price Index (CPI), up to a maximum of 8% per year. In the event that the CPI exceeds 8%, the increase shall be carried forward to future years. In the event that the CPI decreases, the percentage decrease shall be applied in determining subsequent increases in pension benefits. A decrease in the CPI shall not reduce pension benefits in payment.
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
