There are some significant changes coming to pensions in Alberta. Joint governance of the public sector pensions will come into place March 1, 2019. Employees and employer groups will share control of the goals and successfulness of the new pension management group.
The government hopes that this will give employer stakeholders and employees an equal say in how the plan is managed. The new changes affect 450 companies and 351,210 employees in Alberta.
The Canada Pension Plan contributions will also see an increase as well. From 2018 until 2023 the contribution will raise in increments each year until the total CPP payment will go from 4.95 per cent to 5.95 per cent. On an income of 50,000 per year, the employee will be paying an extra $41.67 per month for CPP