It is the second year in a row of higher\u002Dthan\u002Dusual increases for CPP, and it comes at a time of rising concern over household finances among Canadians
The formula to determine CPP contributions compares increases in the average weekly earnings made throughout the year up until June 30 to the same amount during the previous 12-month period. Since fewer jobs were held by lower income workers, fewer were included in the calculation.
It is the second year in a row of unexpected increases for the public pension plan, and it comes at a time of rising concern over household finances among Canadians.Article contentfound 89 per cent of Canadians are worried about inflation and the rising costs of goods and services. A slim majority expect their household’s financial situation to stay roughly the same over 2022, and fewer than one in five expect it to improve.
Effective January 1, 2022, the maximum insurable earnings will increase from $56,300 to $60,300. This means that an insured worker will pay EI premiums in 2022 on insured earnings up to $60,300, and maximum annual EI premiums of $952.74 compared with $889.54 in 2021.
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