2012 YMPE jumps to $50,100
The federal government has announced that it has set the year's maximum pensionable earnings (YMPE) for 2012 at $50,100, an increase of $1,800 over the 2011 YMPE of $48,300.
The YMPE is an element in HOOPP's pension formula. It is updated annually by the federal government and based on the average industrial wage in Canada.
Remember that HOOPP contribution rates will remain unchanged until the end of 2013. Contribution rates next year will be:
- 6.9% of annualized earnings up to $50,100 and
- 9.2% of annualized earnings above $50,100
HOOPP is in the process of updating our web and print materials to reflect this change.
Dec 2011
