Examples of Pensionable Earnings in a sentence
Staff members will contribute 3% of basic regular salary up to the Canada Pension Plan’s Yearly Maximum Pensionable Earnings (YMPE), and 5% of basic regular salary in excess of the YMPE.
Company contributions will be one dollar ($1.00) for each dollar an employee contributes, up to a maximum of 4% and 5% of the Yearly Maximum Pensionable Earnings.
For information purposes only, contribution rates as of July 2014 are as follows: the staff member will contribute 4.35% of basic regular salary up to the Canada Pension Plan’s Yearly Maximum Pensionable Earnings (YMPE), and 6.35% of basic regular salary in excess of the YMPE.
The LAPP provides for a pension of 1.4% for each year of pensionable service based on the average salary of the highest five consecutive years up to the average Canada Pension Plan’s Year’s Maximum Pensionable Earnings (YMPE), over the same five consecutive year period and 2.0% on the excess, subject to the maximum pension benefit limit allowed under the Income Tax Act (Canada).
Precise determination of any adjustments to member contribution rates will be made by the Plan Actuary with due consideration being given to the importance of recognizing earnings below and above the Year’s Maximum Pensionable Earnings (YMPE).