The Québec Pension Plan
The Québec Pension Plan (QPP) is a compulsory public insurance plan for workers aged 18 and over whose annual employment income is greater than $3500. Its purpose is to provide persons who have worked in Québec and their families with basic financial protection in the event of retirement, death or disability.
Public Consultation on the Québec Pension Plan
Share your opinion by answering the questionnaire on the Québec Pension Plan no later than 17 February 2023. Find out about the
Public Consultation.
The additional plan
Effective since 1 January 2019 with the
enhancement of the
QPP, the
additional plan includes:
- an increase in the
income replacement rate (from 25% to 33.33%).
- an increase in the maximum pensionable salary, until it reaches 114% of the maximum pensionable earnings (MPE).
Contributions
The
base plan is funded by contributions made by individuals who work in Québec and their employers
In
2023, the
contribution rate for the Québec Pension Plan is
10.80%. That rate is split equally between the employer and the employee, and applies to earnings between the $3500 general exemption and $66 600, which is the maximum amount on which employees can contribute in 2023.
The
additional plan is also funded by contributions made by individuals who work in Québec and their employers. In
2023, the contribution rate for Québec Pension Plan is
2.00%. That rate is split equally between the employer and the employee. Those contributions will gradually increase from 2019 to 2025.
Contributions are collected by
Revenu Québec and managed by the
Caisse de dépôt et placement du Québec.
What type of financial protection does the Plan offer?
Here are the different pensions and benefits that we can offer to persons and, in certain cases, their families, who have made sufficient contributions to the Plan:
-
At retirement
-
In the event of disability
-
In the event of death
The
additional plan increases the following pensions and benefits:
-
In retirement
- retirement pension
- retirement pension supplement
-
In the event of disability
-
In the event of death
- surviving spouse's pensions
Maximum amounts for pensions paid in 2023
Québec Pension Plan Figures gives basic information on the Québec Pension Plan and the
maximum monthly amounts of pensions paid under the Plan in
2023.
Financial protection offered when working abroad
A person working abroad and his or her spouse may be entitled to a retirement, disability, surviving spouse's or orphan's pension paid by a
foreign country. However, the following conditions must be met:
A
certificate of coverage for work abroad can be obtained from our
Bureau des ententes de sécurité sociale (BESS).
Monitoring
The Québec Pension Plan (QPP) is closely being monitored. Two safeguards have been implemented in order to improve and stabilize plan funding and properly meet the clients' needs:
- an actuarial valuation carried out
every 3 years to determine the
QPP's ability to face its future financial obligations
- a
public consultation held
every 6 years to consult the population on amendments to be made to the QPP.
Actuarial valuations and periodic public consultations allow the plan to be adapted to changing demographics as well as socioeconomic changes in Québec by making the necessary adjustments.
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